[00:03:09] Tyler Wright: I’ll tell you, I guess, the end first. So, where I’m at now, you know, I have a net worth of 1.5 million dollars, I own seven or eight rental units, and I have a stock portfolio worth $750,000. I also have a social media brand that has over 200,000 followers. Normally, when people hear this, especially the part about the money, they say, ‘Well, this person more than likely came from a wealthy family.

[00:03:39] Tyler Wright: When they taught them about stocks, taught them about real estate, they must have had a leg up. And while I tell people, you know, I had two loving parents. I never had, you know, people that, or, or parents that taught me, I guess, about money or about stocks or about real estate. I worked very hard in school.

[00:04:03] Tyler Wright: I got very good grades, and I think that was kind of the beginning of my story. That helped me get a lot of scholarships in college, which I think is the number one thing that’s facing people, especially people that want to be financially free to begin with. By the time they figure out that they want to be financially free, they might already be 50, a hundred thousand dollars in debt from school and the like.

[00:04:34] Tyler Wright: So I was lucky to graduate debt-free. And then from there, I started in sales. And I tell people, it was probably not more than five to ten minutes before I realized that, hey, I didn’t want to do this for the rest of my life. And there’s nothing necessarily wrong with it. I liked the people and I liked the company that I worked for.

[00:05:00] Tyler Wright: I just kind of had this idea, luckily from the very beginning that, hey, I’m waking up at five, six o’clock and trying to work out and read and do some of those life things. But then I’m also working from eight to six. At the point, it wasn’t really a nine to five, it was more of an eight to six.

[00:05:16] Tyler Wright: I’m getting home at 7, 7:30, taking a shower, eating, and then I’m like, “All right, it’s time to go to bed.” Right? So, from the beginning, I understood that that was like, there’s gotta be more, even though I didn’t really know what that was. And that kind of led me on a journey pretty much to learn everything I possibly could about personal finance, investing, and that kind of just stacked on top of one another as time went on.

[00:05:49] Tyler Wright: So in the beginning, I focused on, hey, what’s the first thing I need here? Well, the first thing was keeping my expenses low, or at least relatively low in the beginning, while I didn’t have a high income. And then it focused on, Hey, I need money, right? So I need to make six figures or beyond, right?

[00:06:13] Tyler Wright: So I need a job where I’m able to somewhat control what I can make. And so while I was in sales, I started with a salary of $30,000 a year, which is crazy to think about now. But then I was able to pretty much double that almost the next four or five years in a row, from 50 or so in the first year to a hundred, a hundred fifty, two hundred, two hundred fifty and beyond over the next six or seven years. During that time, once I started to make a little bit of money and have money to be able to invest, I was like, all right, well now I need to figure out where I can put this so that it will grow on its own, without me having to actively earn the income. Right. And so the first thing for me was the stock market.

[00:07:14] Tyler Wright: I think that’s just because it was the easiest thing to learn. It was very easy to get your money invested in the stock market. Of course, you can start with a dollar in something like index funds or the like. Where, you know, something more like real estate, you’ve got to have to do much, much more education on the front end. I would say there’s more work and more risk involved, but that doesn’t mean it’s not a bad thing. There’s just more work to do on the front end. So I started making money, kept my expenses low, raised my cash flow, and invested into the stock market after two or three years just from reading on the side.

[00:08:03] Tyler Wright: I started learning about real estate and I really loved real estate for a lot of reasons. Just because there’s all the different ways that you can control how you make money through things like renovations, there’s also tax advantages. You can make cash flow, of course appreciation, just like the stock market. And you can even find good deals and buy them for less than what they’re worth. I kind of shifted my focus to real estate when I was about 24 or 25, maybe 25 or 26 actually, and started focusing. First I bought a primary house and then I bought a triplex and then a quadplex after that. And so that put me at a point where I was maybe 27 or 28.

[00:08:53] Tyler Wright: And I, through raising my income right to a hundred thousand, two hundred thousand beyond investing in the stock market, the stock market doing well over 2015 to 2019-20, investing in real estate, the real estate market also doing well. I found myself at a point around maybe 27, 28, where I had reached millionaire status.

[00:09:16] Tyler Wright: And that’s when I created a social media account, just to talk about what I had been doing; talking about real estate, talking about personal finance, income, really a conglomeration of more so the system as opposed to just real estate, or just the stock market, or just raising your income, or just dealing with debt and credit, and all that kind of stuff.

[00:09:41] Tyler Wright: And it really took off. And so, obviously, like I said, I can expand on any of those. Now, I’m at a point where I’ve been doing that for the last couple of years, and recently just walked away from the corporate world or the nine to five, forever, as of six months ago. And that’s mostly from the income that’s coming in through stocks, real estate, and then also through the social media business that’s built around those things.

[00:10:13] Rebecca Hotsko: You said so many great things there. Congratulations, by the way, on leaving your corporate job. I think that’s super exciting and I want to dive into some of the aspects that you mentioned there, because I think a lot of people can relate to it. Not only wanting to invest to find their future retirement, but maybe retire early and have a plan in place to, so that they can just spend their time doing more things that they enjoy earlier on, rather than when you’re 60.

[00:10:41] Rebecca Hotsko: And so you did this, was it in a timeframe of about six years then that you became financially free? 

[00:10:49] Tyler Wright: Six, seven years. Yeah. From 2015 to, you know, and then this, I walked away this past year, so about seven. 

[00:10:56] Rebecca Hotsko: Yeah, and it’s so interesting because we think that well, to be really successful in investing the best ways just to get in early, and I think often we think we need a 20 to 30 year time horizon, and for a lot of cases, You might need to do that, but I want to get into some specific examples, I guess, of how much you would need to invest to actually reach your goals later.

[00:11:20] Rebecca Hotsko: But first, I’m just wondering for people who are on the path of financial freedom or wanting to start, where do you think most people go wrong in their journey? 

[00:11:30] Tyler Wright: I think it’s a very difficult world that we live in, especially when it comes to finances. One from the very beginning. You know, we just aren’t taught these things.

[00:11:37] Tyler Wright: I tell people all the time, I went to school for four years and got a bachelor’s degree in finance and 98% of what I know is not from that degree. So it just kind of goes to show you that even that, you know, you would think like, Hey, I’ve got to leave him four years. I’m studying finance. I should know not, maybe not everything, but I should be on the right.

[00:11:56] Tyler Wright: and it does teach you a little bit about, you know, of course, textbook type stuff, definitions, whatever. But I think a degree, especially a finance degree, doesn’t teach you how to build personal wealth. It teaches you how to get an entry level job in finance, which I didn’t even end up doing.

[00:12:12] Tyler Wright: And so I think a lot of people, you know, the first thing I hear is that, Well, I didn’t go to school for finance, and I tell ’em, well, I did and it didn’t really help me. Right? So we have to kind of throw that out and it really comes down to self-education. And so I think that, you know, just like I said, if I didn’t learn it from that degree, then where did I learn it?

[00:12:29] Tyler Wright: And I always had a, a, a knack or a love for reading and learning. And so, like I said, when I felt like I had a problem and that problem was, Hey, I don’t want to be here forever. How do I get out of this? First, I believed that there was a solution, even though I didn’t know what it was at the time, and I just started reading, right?

[00:12:46] Tyler Wright: And so as easy as Googling, hey, you know, top 10 stock books or personal finance books, or whatever the case may be is, and so, you know, every single week what I did, you know, and this is kind of how I started my journey, was I had a 30, 45 minute ride to work and 30, 45 minutes home. I found out that a normal book is about eight hours on audiobook, and if I listen to it at like 1.5 speed, which takes some getting used to, but you know, I could pretty much read almost a book every single week.

[00:13:15] Tyler Wright: So that’s 52 books a year, you know, and that’s hundreds and hundreds of books over that course of time, which is about what I did. So, but I think where people kind of mess up in the beginning is just they, they just don’t know, right? They’re, they don’t know. It’s not taught to them. And so you first have to seek out the information.

[00:13:30] Tyler Wright: And I think now there’s a lot of cool Instagram accounts. There’s cool, you know, even TikTok accounts, Twitter accounts, there’s a lot of great books out there. YouTube is awesome as well. And a lot of it’s free, you know, so going out there, exposing yourself to it and allowing it to kind of run you down down that path, you know, and I think that tell people in my courses and, and, and people that I work with, there’s two things I guess to answer your question with what people are.

[00:13:55] Tyler Wright: and what I tend to tell them that I’ve got to give them in that class, is the information that you need to be successful, which is the how-tos, the strategies, the, the stuff in the book. And the second one, which is equally as missed and, and you can’t live without having both of these, is the inspiration that you need to be successful.

[00:14:12] Tyler Wright: So there’s a lot of people that, and I’m sure you know, people like this, that know absolutely everything there is to know. Docs are investing or finance, but they’re still having trouble or they’re still not getting it. And I think that it comes from a core belief that they don’t think that either they’re, they’re worthy of it or they, they think that they, you know, the, the answer’s always lying in that next book or that next teacher, that next coach, that next course.

[00:14:34] Tyler Wright: and so I try to tell people, Hey, you know, first and foremost, if you don’t believe that you have the opportunity to do this, you don’t believe that because somebody else did it, that you can too, then you know, we have to fix that first. And then once we, you know, have a full belief in who we are and what we’re able to do, then it comes down to the information.

[00:14:50] Tyler Wright: So the information, the inspiration of the two areas I typically focus on. 

[00:14:55] Rebecca Hotsko: And then you talked about building over time multiple streams of income, but first starting with increasing your income at your job and then kind of investing in stocks, real estate, getting into other things. So I guess I’m just wondering for our listeners who likely have a full-time job, they might not have a lot of time to do a side hustle or trade their time for money, I guess what are some ways that you would recommend, or how would you teach a client on how they can increase their income .

[00:15:25] Tyler Wright: Yeah. And so I think that, I always tell people, a lot of people get into their career or they, or they pick their degree and they have really no, no idea why. Right? And, you know, even for me, I picked finance because I was like, I think I’ve got to work in a bank. I don’t really know. And that kind of just goes back to the education system as a whole.

[00:15:44] Tyler Wright: You know, in, in high school, why aren’t we telling kids like, Hey, let’s give you some exposure into some of these industries Work, some like internships or have, you know, more speakers come by and tell you about what they do and maybe that’s going on now, but I didn’t have that in my high school and I wish I would’ve.

[00:15:58] Tyler Wright: And that way you at least kind of have an idea of what these things are. And that’s why I know a lot of people now that are 25, 30, 40, and not only have they picked a career that they don’t really care very much about, it’s also not a career that’s paying them very much. Right. They’re in a situation where they don’t enjoy it and they’re not getting paid well.

[00:16:15] Tyler Wright: So I think it, at first it starts with math and understanding. Hey, how much do I need to invest? What am I going to be investing in? How much money do I need to be making, right? And how much do I need to be spending? Right? So I get that cash flow number. Okay, so I need this, right? So what industries or what jobs or professions even pay that, right?

[00:16:34] Tyler Wright: And so you might not be able to start out making a hundred thousand or 200,000 or whatever, right? Because you have to start some. But a lot of people get in jobs where that’s never going to be an option, right? If you’re picking a job where you know, you make $40,000, $50,000 a year and it’s a salary job and there’s not really much room for upward mobility, then you’re got to find yourself, you know, hoping that your boss is got to be able to give you that 3% raise every year.

[00:16:59] Tyler Wright: And quite frankly, you’re just never going to get there, right? If you’re talking about trying to use that solely to invest to become financially free in 20 years, or 15 years, or 10 years, it’s just, just not going to happen, right? So we have to look for industries where that is an option, right? So I went into sales.

[00:17:13] Tyler Wright: That is an option. You don’t necessarily have to get into sales, but I know people that are, you know, these industries are going to require more work too, right? There’s no easy way. Necessarily to, you know, make a higher income with less work. Right. You know, so I think we all kind of understand that, but sales, you know, engineering, finance, you know, obviously law, medicine, those kinds of things as well.

[00:17:32] Tyler Wright: But I think I’ll try to focus on, hey, if I’m going to be spinning the next 20, 30, 40 years or even 10 doing this, what is the most efficient use of my time from a financial perspective? And so, of course you’ve gotta balance, well, you know, I’m not doing this just for money. I want to enjoy it. But I would kind of argue that work is almost work in a relative sense.

[00:17:53] Tyler Wright: And so if I’ve got to be doing something and showing up from nine to five, yes I want to enjoy it. I want to work with good people, not have a terrible boss, all those things. But I want to work in a profession that’s going to allow me to control my income and not, you know, like, like sales, right? So where you’re, you have a base salary and then the better, the harder I work, the better I do, the more money I make.

[00:18:12] Tyler Wright: Cause there’s a lot of people that are harder than. The more money they make, they make the same or, or the harder they work, they make the same amount of money. Right. Because they’re not able to control it. So, but outside of that, right, you’ve, so I think it’s coming down to one, picking out an industry where you can see the path.

[00:18:26] Tyler Wright: There’s not a dead end. Two, if you’re looking to make money on the side, of course you can buy income right through investing. It can be real stocks. Starting a business is another option for some people, and that can be a little business or that could be, Hey, this is got to be my path out. So for instance, my wife is in HR and recruiting.

[00:18:46] Tyler Wright: So all day long she looks at resumes, she does interviewing, she gives tips to people on how to interview better. And so for her to make extra money, she can post on her personal account and say, Hey, do any of my friends need the resumes? Reworked their LinkedIns redone. You know, et cetera, right?

[00:19:02] Tyler Wright: And so she can charge whatever the market will pay, $50, a hundred dollars, whatever, and she can make extra money. And that extra money can be immediately invested, right? Because she’s already got her income from her job that pays for her bills. So any extra dollar that comes into that system can be immediately invested, right?

[00:19:19] Tyler Wright: So, I would say the career path is number one. So whatever you spend the most time doing, that’s gotta be your focus, right? So a lot of people focus on the side hustles and all that stuff, which is great, but why wouldn’t you focus on what you’re doing from nine to five 40 hours a week, right? That’s your biggest chunk.

[00:19:35] Tyler Wright: So let’s focus on how we can be most efficient in our income earning there. And try to create controllable and scalable income there. And then on the side, if we need to add income, of course, you know, focusing on maybe using your existing skills from your job, like the resume example that I gave. Or if you have other skills that are maybe not used in your job, maybe you’re, you know, really good with a camera, maybe you’re really good with website design.

[00:19:57] Tyler Wright: Maybe you’re really good with one of those things, right? So you have two options. You can either go to a company that does. And help do projects for them on the side as maybe freelancing, or you can start your own company with that skill set, right? So focusing on your income from nine to five, you know, side hustles by using your existing skills sets or skill set sets that maybe you just enjoy.

[00:20:18] Tyler Wright: And then taking that income, right, or extra income and using that to buy assets that produce income, like stocks and real estate . 

[00:20:26] Rebecca Hotsko: And I guess assuming most of our listeners, they’re in a set career, but they’re good savers, I’m guessing a lot of the people that listen to this show, they’re doing everything right, they’re saving a good portion of their income.

[00:20:40] Rebecca Hotsko: If they, I guess in the context of if they have a goal to retire in five to 10 years, first, do you think it is possible to do it in that timeframe? And I guess the second follow up would be how could they do that? 

[00:20:55] Tyler Wright: Yeah, I think it’s definitely possible, of course. And, and I think we understand that, you know, if I’m talking about, all right, if we’re retiring in 40 years, what’s the work amount that’s got to be involved?

[00:21:04] Tyler Wright: What’s the risk amount that’s got to be involved? I don’t think there’s really that much risk. And that’s the lowest amount of effort, right? If we’re talking about 40 years, right? We can invest. If you need this much money, you invest that much money in an index. and you essentially can just wait it out, right?

[00:21:18] Tyler Wright: A long term stock market is a proven vehicle to build wealth. Now, once we start lowering that to 20, you know, 30 or 20 or 10, it doesn’t mean that it’s a hundred percent that you can still get there. At every level. There’s going to be more work. Obviously, that’s typically involved. And there’s going to be a higher risk level or amount of work involved.

[00:21:38] Tyler Wright: So an example, you know, now when we talk about there’s three main vehicles to retire early, it’s stocks, business and real estate, or a combination. But when we’re talking about stocks, the way to retire through stocks is using, you know, typically investing in index funds. Which I tell people is the, like I said prior is probably the easiest way as far as you know, it doesn’t require much work.

[00:21:59] Tyler Wright: You basically go to work, you get your income, you put it in the stock market, and then you wait it out for x amount of years depending on how much you are investing, right? If you’re investing $500 a month, or, you know, the only way to get there quicker is invest a thousand dollars a month or $2,000 a month, or.

[00:22:15] Tyler Wright: Now with real estate, you can get there typically a lot quicker because you’re able to buy assets and those assets cash flow. So the real estate maybe it’s cash flowing, you know, maybe it’s an Airbnb or whatever the case may be. And it’s cash flowing a thousand dollars a month, right? And your expenses are $5,000 a month.

[00:22:33] Tyler Wright: Your five Airbnbs away essentially from breaking even, right? So in theory, your assets are paying all of your bills. Now, how long does it take to get five? Of course there’s a lot of factors in that, but it definitely doesn’t take 40 years, and I don’t, in my opinion, doesn’t really, probably wouldn’t take 20 or 10 or 15.

[00:22:50] Tyler Wright: Now there’s got to be more work in that. You’re got to have to learn how that market works. You’re gonna have to learn how to secure deals. You’re got to have to learn how to upgrade properties. have to operate that property yourself or you’re got to have to pay someone to do it.

[00:23:02] Tyler Wright: which is going to cut into your cash flow, potentially make it a little bit longer, stuff like that. And then the last way is a business, right? So a business is kind of a combination of the two, and it’s more like real estate, but a business. It could be as simple as creating something built around what you love.

[00:23:19] Tyler Wright: And go back to our earlier example. If your expenses are $5,000 a month, well, how quickly can you get to maybe six, seven, or $8,000 in business revenue from something that you enjoy so that you’re able to walk away from your job? And that point brings up a big misconception that I think people see with financial freedom.

[00:23:38] Tyler Wright: because typically in the fire community, the financial independence, retire, retire early community. Is this idea that you hit this number and then you know, sit on a couch for the rest of your life or whatever or something along those lines. And of course that is retirement. Retirement, like where you get to a point where you can’t work or you do not want to work.

[00:23:56] Tyler Wright: And the reason why we typically think about it like that is because typically you hit it when you’re 65 and at that point, You don’t want to work or you can’t work anymore, right? Because you’re, you’re too old. When we’re talking about early retirement, it more comes down to what you, what do you want your life to look like, right?

[00:24:09] Tyler Wright: So if, if you’re going to be working anyways and your problems don’t really work, it’s just, I don’t want to work under someone else’s, you know, direction. Or I don’t want to work from nine to five, or I want to be able to work wherever I want to work. I want to work on what I want to work on. I want to have it when I want to take it.

[00:24:27] Tyler Wright: I want to be able to go see my family. If somebody’s sick, et cetera. Then maybe starting a business center around something you love or you’re still working, right? But you’re, you’re able to live life on your own terms. So in that situation, how soon can you build up six to $8,000 in business revenue? , of course it depends on the, the, the business and, and what it is.

[00:24:45] Tyler Wright: But you know, that could be done in a year, two years less, maybe a little bit more, right? So we’re talking about stocks, you know, it’s got to be probably thousands of dollars a month for maybe 15, 20, 30 years, depending on what the market’s doing. Real estate, they could be five to 10 years depending on how good of deals you’re able to get and this and that.

[00:25:06] Tyler Wright: And then the business could be a few years, right? But you know, of course. The flip side of that is the business has to require the most work, the most skill set, right? You know, the most risk, right? Because if it doesn’t work out, then you’re back to square one, but it allows you to be able to retire the earliest.

[00:25:24] Tyler Wright: And so that’s kind of what the system that I kind of show people through. and determine, hey, not everybody wants to start a business. Not everybody wants to invest in real estate. Not everybody wants to invest in the stock market. You have to pick at least one of those. So to have some sort of vehicle to work as that job from your, or escape from your job.

[00:25:40] Tyler Wright: But it’s more about figuring out who you are, what do you want your life to look like, so that you can piece in which one of those fits best for your path early retirement. 

[00:25:49] Rebecca Hotsko: Mentioned so many great things there and that’s exactly why the fire movement resonated so much with me. because it’s like you said, it’s not about just hitting that number and doing nothing.

[00:25:59] Rebecca Hotsko: It’s about, yeah, having the time and freedom to do more of what you love and some of that might still be working on a business or just something that you’re more passionate about. And so I guess let’s walk through kind of a realistic example for a listener, because I’m assuming people who listen.

[00:26:15] Rebecca Hotsko: Podcast, they like investing in stocks. And so what if someone wants to just go that route? That’s what they know. They don’t want to dive into real estate investing. And so can we go through an example of how much someone would have to invest, let’s say every month, and at what rate of return to hit a goal?

[00:26:34] Tyler Wright: Yeah, so I actually wrote down some numbers just because I would have to put in a compound interest calculator. I didn’t want to have too you know, just do it off the top of my head. And I wanted the numbers to be somewhat exact as far as the returns and all that kind of stuff. So, you know, if we’re talking about there, there’s three main factors when it comes to the stock market, how much you’re investing, you know, per month, and then what the rate of return is, you know, and that’s pretty much set when we’re talking about, you know, projections and things like that.

[00:26:59] Tyler Wright: And then the last one is for how long, right? So obvious. If you want to retire in 10 years, you’re got to have to re, you know, you’re got to have to contribute a ton more upfront. And then if you’re willing to wait longer, then you wouldn’t have to contribute as much. But when we’re talking about the stock market and, and, and solely that, like you said, like, Hey, I’m not have to invest in real estate.

[00:27:16] Tyler Wright: I’m not going to start a business. I want to work my job, put money in index funds. And I want to retire. Excuse me. That comes down to the Trinity study. So the Trinity study was a study done years ago by a group of economists, and what they were trying to figure out is basically the answer to that question. So if I have a stock portfolio and it’s built up to this amount over time, how much can I reasonably withdraw from that portfolio?

[00:27:37] Tyler Wright: And not, or have a statistically unlikely chance of running out of money. Right. So now we can all as an example, just to kind of further that point, if I had a million dollars and I took out 50% per year, I took out $500,000 per year. We’ll be gone in two years. Right. And maybe a little bit longer than that because if the amount of it were to rise from the stock market and maybe it would have a little bit left.

[00:27:59] Tyler Wright: But that’s an extreme example, just to kind of show you the rest of the example. So what they found out is, all right, how much can you reasonably take out and not run out of money over the course of 30 years? And so that also matters. When do you take it out? Did you take it out in 1935? You know, 1930 right before the Great Depression, or do you take it out during World War II or did you take it out in the eighties?

[00:28:21] Tyler Wright: And, and so when it also matters, you know, depending on, you know, what returns they’re doing during that time. So they ran a bunch of studies, and the number they came up with is 4%. That’s called the 4% rule. And so you’re able to get up to your number and then you’re able to take out 4% per year, and your chances of running out of money over the course of 30 years is very, very low.

[00:28:42] Tyler Wright: You know, it’s, it’s 99.9% that you won’t run outta money over the course of that time. So we use that to kind of give us a ballpark estimate of how much we should be shooting. and then we can be a kind of reverse engineer, okay, how much does that mean per month? And so a couple of numbers, just as an example, how you determine your number is you take your yearly expenses.

[00:29:03] Tyler Wright: So if, let’s say if your yearly expenses or $40,000 per year, and then you multiply that by 25, so that 25 number is just 4%, the 4% rule, you know, divided by 0.04. So $40,000 expenses divided by 0.04. That’s the same as multiplying by 25. So that would give you a number of $1 million, right? So if you had $1 million and your expenses were $40,000 a year, at that point, you could take out 4% of that portfolio per year and not have to earn any other money, and you’d be able to, to live your life over the course of the next 30 years and have a very low likelihood of running out of money.

[00:29:41] Tyler Wright: Now, to give, I guess, some numbers as far as how much you would have to. So an example, if you invested $1,000 per month for 20 years, that would give you $550,000. So in our example, that wouldn’t be enough to retire, right? You’d have to keep going. So the number I actually use down here at the bottom is 1.6 million.

[00:29:59] Tyler Wright: So 1.6 million is maybe about, you know, annual expenses of 60,000, 60, 65,000, which I think is kind of a, a, a reasonable middle of the road estimate to use. So, 1000 every month for 20 years at an 8% return, which is a, which is a good estimate to use. The stock market’s typically about 10 to 11%. I think with these estimates.

[00:30:19] Tyler Wright: You also want to be conserv. Because if you start doing 10, 11, or 12 or 13%, well that number might really look really good on paper. But you know, when it comes down to being able to retire, you’re like, well, what happened? Right? And so I always think being a little bit conservative with those is good. And that way you, you know, don’t get yourself in trouble on paper.

[00:30:38] Tyler Wright: Now, if you invested $1,000 a month for 40 years, that would be 3.1 million, right? So you’re way past your numbers. So now we can kind of work back and try to find a number in between. That will get us to 1.6. So if we were to invest $3,000 a month for 20 years, that would give us 1.6 million at an average 8% per year return.

[00:30:56] Tyler Wright: So if you were 22 right now, that means you could basically take that path, invest in index funds, and be able to retire at 42, which is awesome because the average age is 65, right? So you’ve just cut off 23 years off the typical retirement and basically cut those amount of years in half, from 45 years to to 23.

[00:31:12] Tyler Wright: Now, obviously you can continue to, you can’t really mess with that 8% number too much and time is time, so you can’t really mess with that. So if you want to get there quicker, the only number that you really have control over, which is what I focus on, is how much you’re contributing, right? Which is raising your income, potentially lowering your expenses.

[00:31:30] Tyler Wright: That way you have more money to invest the more you invest. The quicker you get to your goal. So if you were to invest $5,000 a month, it would only take you instead of 20 years. It would take you 15 years to reach 1.6 million. So now you’re retiring at 37, 38. And now if you were able to retire $10,000 a month, which I understand is, is a ton of money, and it doesn’t mean that you start off at 22 investing $10,000 a month.

[00:31:52] Tyler Wright: But maybe you’re able to work up your income, et cetera, and get up, get up to that point. $10,000 a month would only take you 10 years, right? So you’d be able to retire at 32 years old, you know, going down this path. You’d have 1.7 million at that time. So those numbers can kind of give you an idea of how we come up with those calculations and how we work it out for somebody that is interested mostly in, Hey, I want to work my.

[00:32:16] Tyler Wright: You know, I have people all the time, I tell ’em, Hey, you might not want to do real estate or business. If, let’s say you’re a nurse and you love being a nurse, you want to be a nurse, you enjoy it, but maybe you just want to have the option to work less, or the option to retire when in your forties, right? And so for that person, like, Hey, you know, why don’t you just go to work, invest in the stock market.

[00:32:35] Tyler Wright: And so as opposed to, you know, like you said, adding more to your plate maybe after work, through investing in real life. And learning about that and operating properties and so that can kind of give you an idea of how that person might, you know, look to accomplish. 

[00:32:50] Rebecca Hotsko: And I think it’s so interesting what you said when I, I’ve done these calculators so much, I just find it fun to do, honestly, going through the different experiments of how much you need to invest every month, and I tend to sometimes do scenario analyses where.

[00:33:04] Rebecca Hotsko: I put, what if I just got 5%? What if we have a lost decade? Because that could be a very real possibility. And stock returns are only 5% or 4% after inflation. because you always want to kind of include real too, not nominal because we lose purchasing power over time. And so being a bit more conservative can help you too have a more of a buffer with your estimates.

[00:33:26] Rebecca Hotsko: And I did want to get into this with you. I guess what you are looking at for investment opportunities in this coming year, as we talked about this off camera, how the market outlook is quite bleak right now for both real estate in the stock market, and so when you’re investing with the goal to retire early, You’ll have more risk, and I guess more I, you need to reach your goals quicker, and so these downturns can set you back a little bit more than someone who has a longer time horizon.

[00:33:57] Rebecca Hotsko: So how are you approaching this in a down market or during these hard times? 

[00:34:03] Tyler Wright: I think that the rules and the principles of good solid investing are good, solid money management are exactly the same in these times. They’re just even more important. So the same things that we, that I always tell people, you know, I mean, we’re talking about the stock market.

[00:34:19] Tyler Wright: You, you don’t control those returns, right? We control the long-term, you know, average of the stock market over time and relying on that historic, those historical averages to continue. But the thing that you do control is how much you’re putting into the stock market, right? So, you know, focusing, that’s why I focus so much with my students and everyone on how much money that you’re making, how much money that you are spending.

[00:34:40] Tyler Wright: And those are, you know, to, to oversimplify it. Those are the main two things that you have control over each and every month, right? And so it comes down to first figuring out, you know, doing more analysis on what you want your life to look like, making sure that’s on. Understanding. Hey, when do I want to retire?

[00:34:56] Tyler Wright: Why do I want that to be? You know why? You know, a lot of people, they just come up with these [00:35:00] goals like, Hey, I want to retire in 10 years. Well, why? What do you want your life to look like? What do you know, are you got to be working part-time? Not, you know, do you want to work and start a business? Do you want to invest in real estate in the stock market?

[00:35:09] Tyler Wright: So I think the first thing people can do, especially in these times, Is, make sure you really have an understanding of what your plan is and why. And, and it’s, I’ll compare it to sports I guess, just because I, you know, it’s something that is easy for me to understand. You know, it’s like if you’re down by a lot you know, in a football game at the end of the game, you know, the same strategy, you know, still remains, right.

[00:35:29] Tyler Wright: You still have to do the fundamentals correctly. . And the same thing goes with investing. You know, it’s not like, well, you know, the stock market goes down, so then we get into riskier and riskier and riskier plays, right? And you see a lot of people do that. You know, a lot of people get nervous or they see their account going down, so they pull their money out of the stock market, or worse, they put it into even riskier play to try to make up the money instead of focusing on what they’ve been doing the whole time.

[00:35:54] Tyler Wright: Which, you know, when the market’s good is, hey, I need to focus on making as much money as possible and get as much money working for me as I can. So I think the number one thing people should do is focus on introspection. Figuring out your plan. Two, you know, your budget, understanding, you know, what money I, where it’s going, why it’s going there.

[00:36:12] Tyler Wright: And I’m not a big person like, Hey, don’t spend any money at all, eat rice and beans, et cetera. But I think people should definitely understand where every single one of their dollars is. And why And if it’s serving a purpose or if it’s not. And I think there’s a lot of ways to actually cut an addition by traction.

[00:36:28] Tyler Wright: You know, there’s a lot of people, again, in my classes that, you know, maybe they’re spending too much on restaurants or, or alcohol or, you know, these things where it’s like, well, I don’t really want to be spinning it anyways. Right. And, and if I actually don’t spend it, you know, cause we have this idea, if I spend less money, then my life is getting worse.

[00:36:43] Tyler Wright: And in some situations, yes, right, if I’m canceling my gym membership, cause I want to save a hundred dollars, I would argue that’s hurting you more than it’s, than it’s helping you. Now if we’re talking about alcohol or food or subscriptions we aren’t using or whatever, right? We can take a look at those and cancel those and we’re actually getting healthier, we’re getting happier.

[00:36:59] Tyler Wright: That’s giving us more energy. That energy is allowing us to work harder, work more focused, work better, earn more money. So there’s a positive snowball. And then of course the third one, like I said, is income. So I think the same things still. Same principles still remain. We talk about real estate buying, cash flowing rental properties.

[00:37:17] Tyler Wright: It’s about running the numbers just like you would in a good market. If the numbers don’t make sense, then you don’t invest in the property, right? Just because it’s a down market doesn’t mean you, you know, try to shove money into something that doesn’t make sense money wise. If it’s real estate, if it’s stock market, then you’re planning on holding that money in there for the long term anyways.

[00:37:34] Tyler Wright: So arguably, even though I don’t save my money for when the stock market’s down, arguably if you know the price of it, you know something is a thousand dollars and it was $1,500 last. Last year. And I know that in 20 years, based on these projections, that the S&P 500, I’ll use the S&P 500 instead of it being 3,500.

[00:37:52] Tyler Wright: If it’s 8% per year over the next 10, 15, 20 years, that means it’s got to be 10,000, 15,000 in that time. You know, it’s just that. Cause that’s, that’s the long historical averages. So if I can buy something right now for $3,000 that I know is going to be 10,000 or $15,000, or I have a 99% likelihood of it being.

[00:38:10] Tyler Wright: Down the road, then why wouldn’t I buy it? Right? So I think when you understand the numbers, you understand your plan, you understand your money, it gives you confidence, you know, to, to stick to the script when things are, some of the things that are outta your control are going a little bit, a little bit sideways with inflation and all that kind of stuff.

[00:38:29] Rebecca Hotsko: Yeah, and to your point, if you just look at a very long time series back to the 18 hundreds of the S&P, you can see it going in a lineup when it compounds by 10 to 12% every year. And yes, there are so many times when there’s been wars or sessions, Everything. There’s been almost 10 years, some narrative that is as bad, if not worse than today.

[00:38:53] Rebecca Hotsko: And so it happens, but the market still goes up. And so I just think that’s an important reminder for everyone, that it doesn’t have to be difficult. And so I’m just wondering, do you take the approach of investing, say a thousand or whatever your amount of money is on a certain day, every month so that no matter what, you’re always putting it in.

[00:39:15] Tyler Wright: I think that you know, when you’re talking about investing, if we’re, we’ve got to use the stock market as an example, right? It’s investing as much money as possible, as consistently as possible for as long as possible. That’s kind of the formula, like I was saying before. And so investing more and more.

[00:39:31] Tyler Wright: Is something you control by making more money as long as possible is just waiting. Right? And the one in between that you referenced is as consistent as consistently as possible, right? Because, you know, if I invest a ton of money, but I’m only doing it once a year, then you know, I don’t know when the market’s going to go up or go down in the short term, right?

[00:39:51] Tyler Wright: So a lot of times people take their money out, right? And then they miss some of the biggest days. I think I saw a stat the other day. You know, the 10 to 15 biggest days in the stock market account for almost all of, you know, the past two, three years of, of returns, right? So things happen quick and they happen mostly because of, you know, things that we can’t control and things we can’t anticipate.

[00:40:13] Tyler Wright: Could be news or the inflation report, or who gets elected president or who, whatever it might be, right? And so you’ll see 10, 15 to five, 10% jumps maybe on big days in the market. So the most important thing is. I’m not going to try to, you know, be a crystal ball reader, right? I’m going to go with historical data and I’ve got to invest every single month on the same day.

[00:40:35] Tyler Wright: And if you can make it automated, I think it’s even better to make it automated. The more that you can take out of thinking of your plan or human error, or human behavior or human emotion, the better that you’re got to do. because if you have to sit down and, you know, it’s the, let’s say it’s the 19th of every month and you have to manually.

[00:40:53] Tyler Wright: Well, on the 19th of the month, maybe, you know, you know, Powell comes out and says, the housing market’s got to crash, right? Or whatever, and the stock market drops 5% a day. You’re like, eh, may, maybe I just gotta wait until next month. Right? But if it’s automated, you don’t see it, you don’t touch it.

[00:41:09] Tyler Wright: Again, it’s all about understanding the plan and the why behind it and committing to it. And then, you know, removing yourself from that process as much as possible. You still need to look at yours. Monthly and assess what’s going on. Assess if your plan is still making sense, but if you can automate it to where it’s done for you, then you take your, the, the, that consistency part of the equation I referenced earlier.

[00:41:32] Tyler Wright: And you make sure that, you know, you’re, you’re doing that as consistently as possible, which is an important part of, you know, getting to your goals. 

[00:41:39] Rebecca Hotsko: Yeah. I love what you said there and the part about the best trading days making up, it’s like, yeah, 10 to 15, make up almost all of the gains. I’ve read that too.

[00:41:48] Rebecca Hotsko: It’s so interesting when you see statistics like that because it truly puts into perspective that if you. Miss, like less than 10% of the days in an entire year, you could miss all the returns. And so that’s why it’s just never wise to try and time things. And that if you have kind of a fixed schedule, it just makes it so much easier in the long run and you’re likely way better off.

[00:42:11] Rebecca Hotsko: And one thing that I like to do is go into portfolio visualizer and you can make it so simple like you’re talking about Index. We talk about a lot of different investments on the show because everyone has a different investment philosophy. Everyone likes making things more complicated or more tactical if they want, but you can really just buy a few index funds, and what I like to do sometimes is go on portfolio visualizer.

[00:42:34] Rebecca Hotsko: See, it’s just the total stock market index, V T I or X U U. You put in that stock and then you can say, I want to invest a thousand dollars monthly. And it’ll show you the returns that historically have happened back to when the series started. And obviously, the past isn’t guaranteed for the future, but it puts into perspective how much you could earn going forward, especially if it’s a very long time series.

[00:43:00] Rebecca Hotsko: Then it just gives you a good idea of where you could end up. And sometimes I like to do that in these down markets to remind myself that all I care about is the next decade. 

[00:43:10] Tyler Wright: Yeah. I think just understanding why in, in everything that we do, you know, whether it’s the stock market or, you know, if you’re in medical school and you’re in year three or four and you’re asking yourself, why did I, you know, what am I doing here?

[00:43:22] Tyler Wright: Right. And then you start thinking, okay, I did this because I love medicine. I want to be a doctor, and this is going to be a great career. Right. And you’re all, you’re always reminding yourself of why you’re doing it. Why are you doing the things that you’re doing, right? So when it comes to the stock market, the more you understand those things, and like you said, using these, these calculators, using this historical data, using people that have been doing it for a long, long time that have written books, Warren Buffet, whoever it might be, and understanding that, you know, history and understanding how things work.

[00:43:50] Tyler Wright: It can give you a lot of confidence, but I think when people don’t understand it or they haven’t done their research, it’s much easier to get scared. I would give a quick example. It’s a little bit unrelated, but I lived in Florida, right? And so we had hurricanes, and hurricanes are definitely dangerous, but you know, we are, we’re just so used to it.

[00:44:06] Tyler Wright: We’ve seen it so many times. That, you know, we don’t really get scared, we prepare. Right? You, you’re still smart. You still prepare. You still need to do what you need to do. Whether it’d be people that would come into town, you know, they’d just move there and they’d be losing their mind. Right? You know, they’d be buying, you know, $500 worth of toilet paper and boarding up their house and it’s like a tropical storm or something, right?

[00:44:26] Tyler Wright: And so why, why, why do they do that? They do that because they, they, they don’t understand the threat that is at hand. And can’t properly assess or prepare for it. So I think that all just comes from experience. It comes from experience and education are the main two things. And so with the stock market, that’s just experience comes from time and, and comes from taking action and seeing things happen over the course of your life.

[00:44:48] Tyler Wright: And then education, I think. The way I look at education is that you’re basically outsourcing someone else that’s more than likely much smarter than you, at least in whatever particular area they’re writing the book on. I get a, if I read Warren Buffett’s book or, or whomever I’m getting to outsource.

[00:45:03] Tyler Wright: His experience, his mistakes, his failures, his years, his time, his effort, right? And it’s not a direct correlation. If I read the book, I don’t just become Warren Buffet. That’d be pretty cool. But it allows me to get a lot closer than I was without having to go through the time, the effort, the, the, the mistakes, the failures.

[00:45:21] Tyler Wright: And so using books and using mentors allows you to cut out a lot of that you know, time that it takes to build the knowledge that comes from experience. 

[00:45:30] Rebecca Hotsko: Yeah, absolutely. And I guess the other thing is when trying to reach your financial independence goals or retire early, it’s hard. It’s not easy by any means.

[00:45:42] Rebecca Hotsko: And so what would you say, what are some of the common hurdles that you faced or you see your clients face, and how can they overcome them? 

[00:45:52] Tyler Wright: Yeah, I think just, you know, life, like I said, is difficult and, and you know, life gets in the way. A lot of times. The biggest thing is the first level, like I said, is people that don’t have a plan at all.

[00:46:01] Tyler Wright: Right? So, building a plan and understanding why you’re doing what you’re doing, getting consistent consistency is probably the biggest thing, right? I think that, you know, we talk about working out, everybody understands how to be healthy, right? You work out, you know, whether it’s running or lifting weight.

[00:46:15] Tyler Wright: You avoid sugars, et cetera. Right. But why do people have a problem with it? Well, they have a problem with it because they’re not able to stay consistent. Right? So the same thing with finance. So the first thing is learning about it through books, mentors, YouTube, you know, combination, whatever. And then the second thing is really just being consistent.

[00:46:30] Tyler Wright: But, you know, the tough part is that the world is really set up for us to have a tough time financially. Why is that? Well, because companies, you know, they’re, we’re, I’m dealing with. You know, a company that’s a billion dollar corporation that’s spending billions of dollars on marketing to get me to waste my money on things that I probably don’t need.

[00:46:49] Tyler Wright: Right? And so do I, I’m just a little individual, right? Trying to work against. These people are spending billions of dollars with consumer behavior psychologists on how to trip the individual up to get them to spend their money. Right. So I think that just doubling down on education and the why and understanding what you’re doing and understanding some of these other things, and even reading books on some of these other things, right?

[00:47:11] Tyler Wright: And how banks work, and how companies work, and how marketing works, so that you understand it is something that can, that can be, you know, really helpful. But again, I think it’s just, it comes down to why, but I think once you, you know, you see people. Yeah, maybe they have a child, right? And their life changes when they have a child.

[00:47:26] Tyler Wright: Or maybe they hit a breaking point where they’re tired of feeling a certain way, or maybe they’ve had some sort of addiction or loss or something like that. And you can see their life change, right? And they, and they understand that, like why they’re doing what they’re doing. And I think that if you have that strong why, when it comes to finance and you allow that to kind of push you you know, when things get tough, that’s really the most important thing that you can have, right?

[00:47:49] Tyler Wright: And so for me, my why in the beginning, Was always that, you know, I, I knew that there had to be something else, right? I wanted, I think it comes, if I had to narrow it down, like I want to live my life to the fullest. And however I might define that, and everybody else has their own definition, which oddly enough is why my Instagram account is called Defining Wealth.

[00:48:08] Tyler Wright: It’s not the definition of wealth. So I help people define what wealth means to them and then help them get there as soon as possible. So, again, I think that most people just say, Hey, here’s the information about finance. Go figure it out. I say, Hey, tell me about you, you know, what do you want? Why do you want it?

[00:48:24] Tyler Wright: Let’s figure out about you, and then let’s kind of use the tools to, to build a life that you’re, you’re looking to, you know, build as your dream life . 

[00:48:33] Rebecca Hotsko: I really like that. I like hearing that backstory to the name because I saw that and I was curious about it. So I am wondering though, what would you say is the most influential or impactful piece of advice or lesson that you’ve learned that you think has just helped you in this journey?

[00:48:52] Tyler Wright: I mean, there’s so many, but something I tell people all the time is that when you see somebody do something that you want to do, maybe it’s somebody they’ve become a millionaire, they’ve, you know you know, started their own business and had success. You know, I think that you can look at that in a simplified version of one of two ways.

[00:49:08] Tyler Wright: You either look at it, somebody else looks at it and says, Hey, this person did that. That’s something I want to do. I’m jealous of them. I don’t, I don’t really, you know, like it, or I guess three ways you, they’re either jealous or two, you say, well, they’re much smarter than me, or they’re more special, or they went to a better school, or whatever.

[00:49:26] Tyler Wright: Right. And because they did it, now I know I can do it for me, I think I had a lot of that even growing up and still, I mean, I’m not, you know, perfect. Nowhere near it and never will be, but I think I’ve started to shift my focus to hearing things from other people. Where maybe they’re doing, doing better than me, and, and understanding that that doesn’t mean that they’re smarter than me.

[00:49:45] Tyler Wright: That might mean they’re smarter than me in that particular category, but I should congratulate them and appreciate them as long as they did whatever it is with integrity in the right, the right way, and then in deciding, hey, because they did it. That means also I can too. Because if they’re a human being, and you know, I always say respect people, but don’t put anyone on a pedestal, right?

[00:50:06] Tyler Wright: So if it’s somebody. Has done something you want to do. Look at that as, Hey, they’ve done it, but hey, guess what? They’re human. I respect it and I respect them, but you know, I, I believe that I can too, because if they’re a human being, I’m a human being. And I think just understanding that whatever you want to do is truly at your fingertips.

[00:50:24] Tyler Wright: I know that’s pretty cliche, but I still think that people don’t fully understand it and they definitely don’t fully embody it. 

[00:50:32] Rebecca Hotsko: Definitely agree with that. I had a guest a little while ago, and he was talking about how we all think that our human experience is so unique and we’re going through something that no one else is, but really it’s not.

[00:50:45] Rebecca Hotsko: And so it’s really helpful too. Learn from others because chances are there’s several other people that have gone through something similar and that you can look out for if you want to reach their path or do something that they’ve done. And so it’s really interesting to leverage all the available tools and resources that we have as our disposal now.

[00:51:05] Rebecca Hotsko: And I do want to ask you because. Maybe some listeners are interested in going through another avenue to, I guess, reach their financial goals. What tips would you have for someone who’s maybe interested in starting a business, maybe an online side hustle? What would you share 

[00:51:23] Tyler Wright: with them? I think that, to simplify it, just do it.

[00:51:27] Tyler Wright: You know, whatever it is. I think a lot of people I see when they’re talking about starting a business, they have an idea and they’re so concerned with, well, I need an, I need an LLC and I need a website and I need business cards, and I need all this stuff that doesn’t actually have anything to necessarily do.

[00:51:42] Tyler Wright: And sometimes you need those things at certain points, right. But I think so many people get so caught up. The hardest part in anything is starting right. You know, I think a lot of people trick themselves into thinking that they’re doing stuff, but actually they’re just actively procrastinating, if that makes sense.

[00:51:58] Tyler Wright: By doing these things that aren’t the thing. So if you, if you want to start a business, and a good example of this is, I, I recently listened to a podcast. It’s the guy, I believe he started Netflix, and so he kind of helps people live on the podcast episode, start whatever their, their business. And so the lady was, it was something along the lines of a, an app that you could use to, for, you know, maybe someone that’s elderly to almost like an Uber for like a, like a nurse to take care of you or something along those lines.

[00:52:25] Tyler Wright: And she was going through all these ideas and talking a million miles an hour. And sh I don’t think she stopped talking for 20 to 25 minutes just about all the different things she needed and had to do. And you could tell she was overwhelmed and he’s like, have you tested it out yet? She’s like, what do you mean?

[00:52:38] Tyler Wright: He’s like, have you tested it out at all? Have you done it at all? And she’s. Like, no, I need, you know, and she goes down the path again. He’s like, You know, if you want to figure out, if you, if this is something that is feasible and that is going to work, I want you to go down to a nursing home or, or wherever there nurse is hospital, nursing school, and I want you to go pick out one nurse, and I want you to go find  elderly people, and I want you to test this out, even if you have to be the intermediary with your cell phone.

[00:53:04] Tyler Wright: Where do you give the elderly person, Hey, is this something that you would want to use? If it is, okay, cool. I want you to, whenever you need somebody, I want you to call me, whatever you know, it doesn’t matter the time or the day. And then I will get you in touch with a nurse, right? And so you would learn more in just that, the one or two phone calls right there than she’s probably learned in the last six months trying to set up all these systems and apps and what.

[00:53:26] Tyler Wright: And she might actually crumple up that piece of paper she’s been working on for six months and understand, oh crap, this is something that I didn’t realize because I wasn’t doing it right. So same thing with when you’re starting a business, if you want to post about, so you know, for me, I started posting about personal finance.

[00:53:42] Tyler Wright: I didn’t know it was going to be a business. I didn’t know if I was going to have a course. I didn’t know if anybody was going to like it. I just started posting. I started posting. I posted for eight months in a row every single day without fail before there was a single dollar that was made online, and I don’t know if I would tell people to wait that long, but  again, for me it was.

[00:54:01] Tyler Wright: It was like, Hey, I, I enjoy this. This is something I want to do. And so I just did it right. And I learned more in those eight months. And after eight months, I understood I had an audience, I had a community, and they told me what they wanted, right? So I was so worried about figuring out, Hey, what do I need to do, like, you know, should I make a course?

[00:54:16] Tyler Wright: Should I be on real estate? Should I be in one-on-one coaching? And I just posted and I opened up my ears instead of my mouth, and people told me what they wanted. Say, Hey, I wanted a real estate course. So the first thing I. What I did was create what they told me to create. Right?

[00:54:31] Tyler Wright: And so, again, it just kind of comes down to putting in an action and allowing that action experience to help build your business as opposed to trying to figure it out on the front end. because you’re, you’re never got to figure it out, ever, you know, whether it’s a year, five years, 10 years, it’s got to be a consistently moving goalpost.

[00:54:51] Tyler Wright: And so you just have to get comfortable with that and understand that the more action you take. The quicker you’re going to get to your, to your goals and business. 

[00:54:59] Rebecca Hotsko: Yeah,I absolutely love that you mentioned that, and I love that podcast too. I can’t remember the name of it, but I listened to it a couple years back, which is so great hearing his advice to the people.

[00:55:10] Rebecca Hotsko: And I will say that the biggest mistake I made when starting my business, which was a boat club here in Cologna. I wanted everything to be perfect before I started, and my partner was like, let’s just do it. And I was like, no. Like things need to be perfect. But that I think sets things back because then you don’t launch quickly enough.

[00:55:28] Rebecca Hotsko: And then I was just so concerned with everything being right that you forget that you just need to sometimes do and then learn before learning everything and then doing, because you could be left in the dust at that point. 

[00:55:40] Tyler Wright: Yeah, I think it’s anal, you know, paralysis by analysis is, you know, kind of, I guess the way people describe it.

[00:55:46] Tyler Wright: And that’s what I was saying earlier where that’s kind of the biggest hurdle that a lot of people have is that they spend so much time overanalyzing investing or the market or this or that, and should I do it? When should I start instead of. Yeah, you do need to learn right on the front end. You do need, need to be educated.

[00:56:00] Tyler Wright: But I think that there’s, especially with rental properties, because rental properties are a, a, you know, I guess it is a little, little bit more difficult to invest in the stock market. But I see so many people that have been on bigger pockets.com and chat boards for one year, two years, five years, and still haven’t bought a rental property.

[00:56:15] Tyler Wright: And those are the people that, hey, we need to, at some point you gotta rip the bandaid off and you gotta jump in and you’re, you know, there’s only one way to truly, truly learn. And that’s through doing. 

[00:56:26] Rebecca Hotsko: Yeah, at the end of the day you could read all the books and listen to all the podcasts, but you learned so much more from just doing it.

[00:56:33] Rebecca Hotsko: And I want to thank you so much for coming on. I really enjoyed today’s conversation. For our listeners who want to connect with you and learn more about everything that you do, where can they find you? 

[00:56:46] Tyler Wright: Yeah, so I’m on pretty much all platforms under Defining Wealth. My name is Tyler Wright, so I’ll probably be defining wealth.

[00:56:51] Tyler Wright: Tyler Wright. You should be able to find me on Instagram defining dot Wealth. And this is, I hate the most because all mine are like one letter off because they  were like somehow taken. But defining dot wealth on Instagram, defining wealth on Twitter. And then I’m also on TikTok as well.

[00:57:08] Tyler Wright: And so in the, in the year ahead, you know, mostly I focus on Instagrams and in the year ahead, I’m really trying to put an emphasis on going live as much as possible and teaching on both TikTok and Instagram and trying to pump out as much, you know more in depth free education as possible. You know, I do that through my posts.

[00:57:26] Tyler Wright: But it’s difficult in today’s day and age where it’s 32nd reels or shorter to get that information out. So I’m still got to be doing that because you have to do that to grow. But you know, follow me on Instagram, follow me on TikTok of me going live. And then also, you know, I have courses in coaching programs as well.

[00:57:40] Tyler Wright: You can find out through the link of my bio or you can, you can message me on Instagram to see if you might be a good fit for any of those if you’re interested. 

[00:57:49] Rebecca Hotsko: Awesome. I’ll make sure to link those all in the show notes. Thank you so much for coming on today, Tyler. 

[00:57:54] Tyler Wright: Awesome. I appreciate you having me. I really enjoyed the conversation and I’d be more than happy to come back anytime.

[00:58:01] Rebecca Hotsko: All right. I hope you enjoyed today’s episode. Make sure to follow the show on your favorite podcast app so that you never miss a new episode. And if you’ve been enjoying the podcast, I would really appreciate it if you left a rating or review.

[00:58:20] Rebecca Hotsko: This really helps support us and is the best way to help new people discover the show. And if you haven’t already, make sure to sign up for our free newsletter. We Study Markets which go out daily and we’ll help you understand what’s going on in the markets in just a few minutes. So with that all said, I will see you again next time. 

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