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Time, Money or Knowledge

Episode 058

John Larson and the Real Estate Cowboys talk passive income real estate investing.

Hear new episodes every Sunday morning at 8 a.m. The Cowboys talk about the balance of time, money, and knowledge. What do you need to work on?

Keep the #CowboyCoffee hot while listening to John, and the Cowboys talk about how to #BeACowboy and earn passive income in real estate.

Episode Transcript

Keith Weinhold: Hey, this is Keith Weinhold from the Get Rich Education podcast. You are listening to my friend John Larson and the Real Estate Cowboys. Don’t quit your daydream. 

Robert Helms: Hey everybody, it’s Robert Helms, host of the Real Estate Guys radio show, and you are listening to the Real Estate Cowboys. 

Announcer: Have you thought about becoming financially free through real estate investing, but don’t have the time or knowledge to get started? Welcome to the Real Estate Cowboys podcast. Each week we discuss passive income investment opportunities in the red hot Texas market. John Larson and the Real Estate Cowboys will show you how to leverage their team to build wealth in real estate through passive investment opportunities. And now here’s John. 

John Larson: Hello everyone. Welcome to another episode of the Real Estate Cowboys. This is your host, John Larson. Thank you all for tuning in this week. If you listened last week, we were discussing what your time is worth. Um, which I thought was a really good topic. You know, I, I think a lot of my listeners out there and a lot of new investors and people that are just trying to get their, building their path towards financial freedom, I believe it’s very, very important to start determining what your time is worth. So this week I want to take it a step further and discuss resources. Okay. And pretty much every investor, you’re going to have one of three or hopefully all of three of these resources to be a successful investor. And one of those is time. One obviously is money. You need money to invest and another is knowledge. And so if you have all three of these things, you are going to be a very successful investor and you’re going to set yourself up for success in the future, success with retirement, um, so on and so forth. 

As an investor, you really need to be aware of which resources you have available to attain your financial goals. You know, there’s always three resources that are needed for success, right? And that’s going to be your time, money that’s available to you and your knowledge in whatever you’re investing in. It’s impossible really to be successful without a fusion of all three of these. If you look back on anything that you’ve been successful at, I’m sure you’ll say one way or another, all three of these resources led you to success. The thing that most people don’t have all three of these resources. The thing is most people don’t have all three of these resources available to them at one time. Uh, in most cases people have maybe one or two of them simultaneously. But that’s about it. Think about when you were young and you had no full time job and you’re living with your parents and you know, I’m sure you had a lot more time on your hands, definitely more than today, right? 

If you have a career that you’re focused on and a family, if you have children, obviously that, that takes up a lot of your time later on when you get your first job out of college, now you have money, right? But little time and little knowledge because you’re still learning the ropes, you know about how to navigate through the world, right? And navigate through life. And then further on after that, you start to have less time. If you have a family, like I said, and children and you work full time to support them, you know, at that point you might have had a lot of knowledge, right? But little money because as life goes on, you have more and more children, expenses increase. Maybe you don’t have as much money as you did when you were single. Um, and you have a lot less time to act on what you’ve learned, right? 

Because you have priorities, you know, and family is probably your number one priority. It should be. Money’s important. Passive income’s important. Investing is important, but you know, your children and your family are number one. You know you’re going to have these family responsibilities, mortgage payments, bills, which are going to be eating up both your and money. You know now that the years have passed, which resources do you have available to you or are you still short on one, two or all three of these essential resources? Maybe. You know, if you’re like most people, you’re short on resources and it’s stopping you from getting the financial freedom you’re seeking, but it doesn’t have to be that way, right? You can create what I would call the perfect storm, the ideal situation where you have not one or two but all three resources at your disposal. Here’s some tips on how you can get there, okay? 

You know, first and foremost, you got to figure out what resources you have. The first step in creating this alignment so to speak, is to figure out what resources you currently have available to you. It doesn’t really matter which ones they are, only that you’re honest with yourself, where you’re at. Okay? For example, if you’re working a full time job plus a part time job, you might think that you have mastered time efficiency and that time is your resource. But having time as a resource means you have lots of it, not that you’re good at managing it. So if you’re working a full time job and another job where you were coming home and you know you’re working on something else at home to bring in income, that’s not necessarily passive, right? Passive income creates, frees up time for you, but if you’re working on some maybe some residual income strategies or you’re working from home for a second job or whatever it may be. Like I think of an example like my stepfather, when Ebay first got big, right? My stepfather’s a collector. He owns a record store, he’s really knowledgeable about music and antiques and things like that. Used to come home from work and he’d go to his office and then he would sell stuff on Ebay. You know, that was like his second job, second source of income. So he didn’t have much time to focus on other things. But he had a family that he needed to support, right? The same thing is true for money. If you want to count money as a resource, you should have a rich source of money waiting to be invested or sitting someplace as a liquid asset. Okay? Counting knowledge as your resource entails the same kind of self honesty. Can you honestly say to yourself that you’re an expert in something that can earn you financial freedom, right? 

You need to ask yourself that. Or it could be said that you have a moderate amount of knowledge or just enough to be dangerous. So be very honest about your own resources with the knowledge that it’s okay, even common to be deficient in one or two or all three of these, right? So the next thing you’re going to want to do is after you identify which resources you have, then you need to find the resources that you need. So if you have time but you don’t have the knowledge and you don’t have the money, we got to go start learning. You know? Listen to podcasts, things like that. Uh, read books. You know, if you need money, there’s some ways to fix that problem. But I think that most people’s issue is going to be time and knowledge, right? And that’s where a group like ours can kind of come in. 

Okay, if you have money but you just don’t have the time or the knowledge to get involved with real estate or building passive income or whatever it may be, that’s when you need to go and try and find a team of people that do this on a day to day basis. And take your money and put it into an investment that’s going to then in turn bring you passive income, help you on the path toward financial freedom. Okay? You definitely want to find out the resources that you need, so you need to fill whatever shortcomings you may have. And this is a secret that has made fortunes for many financially successful people. You know, Steve Jobs and Bill Gates come to mind. You know, these two understood the importance of being honest about what you’re lacking and then building a team around you that can fill in those gaps. 

And so once you’ve determined which of the three essential resources you lack, it’s time to find those resources and shore up the holes. That makes sense. Let’s say you’re lacking money. Are you lacking money to fulfill your goals? Then you’ll need to find a way to increase your discretionary income, okay? If you’re already working a second job in order to supplement your income and make more money, you’re sacrificing one resource in order to build up another, right? And that’s not going to put you ahead. You’re sacrificing your time to make more money, but you don’t have time now, right? Because you’re working all the time. So you need to find a way to make more money without sacrificing your knowledge or time. You can do that through passive income, okay? But some of these methods require an initial investment of money, which you’re short on. 

Another way to get more money to invest without sacrificing a lot of time or knowledge is to create residual income. And so a few weeks back I did a show on residual income. And there’s ways out there to make residual income with, you know, little effort, direct consumer marketing groups, you know, it’s very big now. You know, with social media and everything that’s available to you, you can reach out to a lot more people than you think. You know, you can start building residual income through some of these methods. But residual income requires a single effort at the beginning, okay? Not saying that no time is going to be needed, but it pays off repeatedly in the future because once you build a, a client base, right, or build a team underneath you, then you just start to see these residual income checks come in every month, right? 

And if you want to keep building your business and making that money greater than, yes, you’re going to have to invest some time. But once you invest a considerable amount of time and a residual income strategy, you can then see the benefits of that residual income monthly for years to come, right? And I say this all the time, wealthy people have multiple income streams. You’re not just working your nine to five job and being extremely wealthy. You know, every wealthy person in America, I will promise you has multiple income streams. They have their hands in a lot of different things. Some of my most successful friends own multiple businesses that bring in cash flow. It’s not just one, it’s not even just like a chain one chain. It’s multiple chains. It’s restaurants. It’s uh, you know, I have friends that own nightclubs, I have friends that own real estate rental properties, commercial rental properties, right? 

And then they work their nine to five as well, you know, or whatever main job that they spend their most time with. But the thing is, they’re always planting seeds, are always trying to grow other income streams. So after you put that time in on a residual income strategy, you know, you can start to save time as time goes on because it’s just maybe a little bit of an upfront commitment. Once you get things rolling, you’re starting to save time and you’re starting to gain more money. Okay. So that’s one way that your kind of building those two resources, right? Residual income is going to end up getting you money and also save you time, but this method also requires knowledge about residual income, right? So you can excel at it and that’s the knowledge that you can learn from whoever is teaching you their residual income method and usually it’s going to be somebody that’s already involved, Avon, right? Mary Kay, something like that. Those, those are the two that come to mind, right? So you would’ve learned from someone who made you a part of their team and you signed up under them and so on and so forth. 

Now let’s say you’re lacking time. Time’s not on your side. You may also be short on knowledge because it takes time to learn and it’s going to take time to learn about various types of investments that are available to you. Time is definitely a hard resource to acquire as an adult, which is why this is going into our episode last week. Discovering what your value of your time is. It’s very, very important because we’re all pressed for time as we get older and have families and get more in depth with our career. It seems like there’s just not enough time in the day, right? And we’re all operating on the same 24-hour clock. 

So time management and being able to free up time and build passive income streams is a really great way to get ahead. So when everyone else that you’re kind of quote unquote competing with is down there in the trenches, working hard for their money, you are planting seeds that will then bloom and start bringing in either residual or passive income monthly. And that goes into your return on life as well. Now you’re starting to see a greater return on life because you’re not in the trenches every day working, working, working, working. You start to have free time because of the passive and residual income that you have bringing in. Now you have more time to spend with your family. Maybe go on vacation, right? There’s no better feeling than being on vacation or going to bed at night knowing that your money is still working for you. 

I think Warren Buffet said that best when you go and go to bed at night and your money is still working for you, that’s where you need to be. Okay? That’s where everybody, that should be everybody’s goal. Everybody that’s listening to this podcast, that should be your goal. You go to bed at night or you go on vacation, you don’t have to worry because your money’s still making money. Even though you’re not working, you’re relaxing, you’re spending time with your family, your money is working for you. That needs to be everyone’s goal, who’s listening to this podcast, right? Who’s interested in investing, who’s interested in and setting themselves up for retirement? You know, who’s interested in making sure that they have a nest egg for their children, making sure that their children’s college tuition is paid for. That should be your goal. Some people obviously make better use of their available time than others. 

You know, you need to think about ways that you might be wasting valuable time and try and find ways to carve out more free time. And that also goes back to what we were talking about last week with time and value on time. You know, maybe eliminating some of the people in your life that aren’t the best influence on you, right? That you feel like, what value do I have from spending with this person? You know, are they bringing me any value? Are they educating me? Are they, you know, or are they kind of just wasting my time? Right? Which is very valuable to where I could be doing something better with my time at this point, right? I can be researching about investments. I can be reading a book about successful business owners are successful investors and learning from them, taking their teachings and practicing them. 

You know, think about your favorite TV show. You know, maybe you could stream that on your iPad or your phone and watch it on the treadmill, right? You can knock out, watch your show and get your workout in for the day. Instead of spending, you know, an hour in front of the TV doing nothing laying around. Or You could skip all social media postings and instead read some educational blogs about ways to make passive income educational blogs like the Real Estate Cowboys website, Great content there. For those of you who are ready to take action but haven’t taken action yet, maybe you feel like you’re not educated enough, go. There’s plenty of education out there. YouTube, my websites, the AREIUSA website, market reports, so many things that are available to you for free, right? I don’t charge to listen to the podcast. The podcast is free. Go back and listen. The passive income guide is a very affordable book. You can buy it off Amazon. Passive Income Guide by John Larson. Go get that book. Read it. It’s only 50 pages. You can knock that out in an hour or two, but it’s going to give you some basic principles on how to start earning passive income. So I mean, and and that’s very affordable. I think the Ebook is like less than $2 or something like that and it just downloads to your phone, tablet, whatever it may be. But the final one we’re going to talk about is what do you do if you’re lacking knowledge? But really quick, we’re going to take a quick commercial break. When we come back we’ll talk about what do you do if you’re lacking knowledge. Okay, thank you. 

And welcome back from the commercial break this week we are discussing time, money or knowledge. What resources do you have. Talking about resources. So good. Uh, you know, I would say part two to what we discussed last week, which was, um, identifying, you know, what your value, what your time is worth, the value on your time. So we talked about, you know, if you’re lacking money, things to do, if you’re lacking time, things to do, now we’re going to get to knowledge. If you’re lacking knowledge, you know, what, how can you increase your knowledge in a certain subject? Right? And, and really ironically, knowledge is the easiest resource to get, um, if this is where your deficiency lies. So first of all, you can always educate yourself through podcasts, books, or spending time with people who are more knowledgeable than you. And that was one thing that I touched on last week as well when I talked about discovering your value on time, is start surrounding yourself with people who have…their time is very valuable, right? 

If you can kind of get yourself into that circle with other people who have a high value on their time, these are usually successful people that make money, that are very knowledgeable about their craft, probably very knowledgeable about investing, have some good ideas on where to invest your money and so like I said, start replacing some people in your life that are maybe, that don’t have a high value on their time, who could potentially be bringing you down to their level, and start elevating yourself with people who you may perceive as having a higher value on their time than you and you’ll see that you know, success tends to breed success and if you hang out with successful people, you can then find yourself successful as well. Okay. You can really learn almost anything if you really dedicate yourself to the learning process. If knowledge is the only resource that you’re lacking, then you’re really in luck. 

Because there’s so much available to you. But the internet nowadays, I mean, like I said, just YouTube, there’s so many videos on investing. I mean you’ve gotta be careful cause some of the guys on there are just blowhards. I don’t even know what they’re talking about. Or they’re trying to sell you into something that’s not going to be beneficial for you. Right? Like $40,000 houses in ghettos across America. There’s a gentleman that used to be on Fox News that was doing a lot of that and uh, he’s got a lot of unhappy investors that are coming after him now. So, you know, that’s why I like to talk about what’s true. I like to talk about what has made myself and my team and our company successful and really just stick with that. Um, I’m not going to sell you on something that I don’t believe in, educate you on something that I don’t believe in. 

And I really don’t believe in low C to D class properties because I’ve been burned by them myself. And the definition of insanity is doing the same thing over and over again with the same result. Right? Knowing what the result is, and I know that these C and D class properties do not really, they don’t work. They’re very tough to manage. They’re anything but passive. So I’m not going to educate my investors or educate my listeners on that type of property. If that’s what you want to buy, then this isn’t probably the podcast for you. And we’re definitely not the team to work with. I focus on what I would call class A market with a very diverse economy because I believe that sets ourself up for the most success and really minimizes risk. And I also like to buy properties that are, you know, high B to A because those are the ones that are going to track the better tenants. 

Those are the ones that are going to give you the more passive result that you’re looking for. So I’m gonna get off my soapbox now, get back to this. But with time and money, you can afford to fly yourself to educational seminars, workshops, and spend all the time you want learning what you need to know. Even if you’re lacking both knowledge and time, you’re still in good shape because you can leverage the knowledge and experience of experts like us who already know what’s necessary to make you money in life. This is what most successful people in history have done for eons. You don’t have to know everything. You don’t have to spend your own time learning everything. You just have to find others who know what you need to know and leverage their knowledge so it works in your favor. 

And that’s really what we do at American Real Estate Investments and the Real Estate Cowboys. We help investors through our extensive expertise and knowledge to attain financial freedom primarily through passive income and also have some residual income options. But we offer a variety of ways to help people who don’t have all three essential resources that we just named; time, money, knowledge. We help them fill in those gaps by giving our knowledge and our time. So all you really need to have is the money, right? Even if you don’t have the money, like I said, I have options out there where you don’t have to come to the table with any money. We have residual on options, residual income options where all we need is a little bit of your time. We don’t need your money. So if you’re short on money, time, knowledge or a combination of the two of them you can rely on us to fill in the gaps. That’s what we do. We can find, we can help you find more time through passive income or residual income. You can use our knowledge to build your investment portfolio. So if that sounds good to you, you know, go to our website,, Put your information in. A member of our team will reach out. They’ll tell you about the options that we have currently. We’re about to unveil another private money lending option that’s going to pay 10 and a half percent fixed for the term of one year. This project’s actually going to be in Houston, which is another great market. Trying to keep everything in Texas primarily because I’m a really big believer in this market here in this economy, and I believe that Texas is going to be strong for years to come. So if that stuff sounds good, go to our websites. 

Put in your information, a member of our team will reach out, like I said, or if you just want to kind of browse the web sites, download some of the free information that’s available to you, maybe go on Amazon, look up the Passive Income Guide by John Larson, download the Ebook, read a little bit more about what we do here at American Real Estate Investments on how we build passive income for investors. Just check that out. And in the meantime, I hope everyone has a great week and I will see you or I will be back on the airwaves, the podcast airwaves next week with another edition of the Real Estate Cowboys. Have a great week everyone, and always remember what your return on life. This is John Larson signing off. 

Announcer: All opinions expressed by the host of the show are the opinions of American Real Estate Investments LLC and do not reflect the opinions of guests or sponsors. No personal or professional advice on this program should be considered an endorsement to follow a real estate financing or investment strategy. Before acting on any information, seek advice from your financial tax, mortgage or real estate advisor, as the information is not guaranteed and investment strategies have the potential for profit or loss.