It took him 20 years of trial and error before he was worth a million bucks. Now, at 64, he draws income from 18 companies he started and 12,000 apartment units he owns. Here's what he wished he had learned sooner.
After X.com merged with PayPal, he made $180 million off PayPal's sale to eBay. That gave him the cash to invest in Tesla, SpaceX and other ventures.As I built my net worth, I did not accumulate debt on non-essential purchases like designer clothes or luxurious homes.
In my opinion, homeownership doesn't always see the same return on investment as other places you can put your money. I own three homes, but I didn't purchase them until I was able to buy them in cash.On the flip side, cash-flow real estate — commercial real estate where you are making a monthly profit off of rent after your mortgage payments, property taxes and maintenance — is a great way to grow your money.
This can apply to a business — the rich may contract to buy bulk supplies or equipment — or to you personal life. When I can, I buy everything without an expiration date in bulk.I have never had someone invest in me that didn't know me. And most of the real estate I own today was purchased from sellers who picked me over other qualified buyers because we had existing relationships, and they had confidence in my ability to close.
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