Jill Friday – When Have You Made Enough Money in Your Land Business (LA 1747)
Jill Friday – When Have You Made Enough Money in Your Land Business (LA 1747)
Transcript:
Steven Jack Butala:
Steve and Jill here.
Jill K DeWit:
Hello.
Steven Jack Butala:
Welcome to the Land Academy Show, entertaining land investment talk. I’m Steven Jack Butala.
Jill K DeWit:
And I’m Jill Dewit broadcasting from the valley of the sun.
Steven Jack Butala:
Today Jill and I… Well, it’s still Friday. And she’s going to talk about…
Jill K DeWit:
When have you made enough money in your land business?
Steven Jack Butala:
Exactly.
Jill K DeWit:
Thank you. When’s enough, enough? That’s what we’re going to talk about.
Steven Jack Butala:
I love this topic. I have a lot to say, I know it’s still Friday, but I’ll zip it as instructed and talk with-
Jill K DeWit:
Because we may have different decisions. We have different philosophies here, and I will… We are going to share them both.
Steven Jack Butala:
Before we get into it, let’s take a question posted by one of our landinvestors.com online community participants. It’s free. I’ll tell you back in the day, it was nearly impossible to find land without a mailing address, which is most of the properties that we actually are involved in. So to solve this, Jill and I put together over about a year, an APN driven assessors personal database so that you can find properties just with the APN within seconds. And so like all of our products, we built a shabby rickety products for our own use and then polished it all up and web enabled it so that everyone can use it. It’s called NeighborScoop.com. Check us out at NeighborScoop.com.
Jill K DeWit:
[Chase R oute 00:01:23]. How many times is someone allowed? Oh, I answered this. This is good.
Steven Jack Butala:
You did?
Jill K DeWit:
I did. How many times has someone allowed a role in career path? And I wrote back, I said, awesome question Chase. Because we have had past, we’re only on career path number four, and we already have people from career path one, two, and three, wanting to go through it again. So we came up with a half price program. And if you want to know about that, just send a note to supportatlanticacademy.com. Cause it’s a hidden link. Because you have to be a former career path member. So we don’t have it published on the website, but you just reach out and we’ll get you the link and then you could do it again. Because we’ve changes, we did career path one at the end of…
Jill K DeWit:
What did we do? Oh, we started it in 2021. We did career path one, two and three. We took the fourth quarter off and now we just… Wait, one and two. I have to think about this. Three was here in 2022. That’s right. And now we’re on number four. My main point is, in the, I don’t know, eight, nine months since we started career path, we’ve already made some changes. And so that’s why people are like, wait a minute. Now you’re talking about this and now you brought in this person. Now you added these office hours and now you’re doing that and do this. I’d like to go through it again and you’re not nuts.
Steven Jack Butala:
I’ll tell you it’s real different. Just this is what number five coming up, number four?
Jill K DeWit:
This is number four. We’re on number four.
Steven Jack Butala:
So, it’s pretty different. We keep in adding and improving stuff based on the previous course.
Jill K DeWit:
It’s wonderful.
Steven Jack Butala:
Today’s still Friday. And we’re going to talk about when have you made enough money in your land business? This is the meat of the show.
Jill K DeWit:
This topic came up initially, because I was thinking about the people in our community. We have people in our community that do one deal a month and we have people in our community that do a deal a week and more than that, multiple a week. It’s all over the map too as far as their comfort zones and the size of the properties. And when I say… And the dollar amounts. That’s really what I mean, size. It’s like, are they more than $10,000 people or less than $10,000 acquisition people? Are they more than a $100,000 acquisition people or less a $100,000 acquisition people? Some of them are bringing in some really big… There are some more than million dollar acquisitions, not sales, acquisitions that go on with us and within our community.
Jill K DeWit:
So it’s like, what are your goals? There’s nothing wrong. Some people really, I don’t know if it’s age, I guess this is the whole discussion too. So, whatever you want to do, there’s no wrong answer. There’s somebody doing it.
Steven Jack Butala:
That’s the answer. It’s all unique.
Jill K DeWit:
Yeah. It’s like some people don’t want to work that hard. And I love this. This is my favorite is I always think of Kevin Farrell. Kevin’s like, “Nope. I only do consulting this many days a week. This is the window, and when it’s full, it’s full.” And because I want to have this, I’m retired. I don’t want to work this hard. I love doing X amount of deals a month. I know I could do more. I’m not doing it. This is where I want to be, and that’s it. I’m happy making X, but then there’s people that come in it like I want to have this kind of life. I’m 25 and I want to own 10 apartment buildings by the time I’m 30, dream it up.
Steven Jack Butala:
It’s really age driven.
Jill K DeWit:
And so they go nuts-
Steven Jack Butala:
And personality type driven.
Jill K DeWit:
And they do it. They do it. Yeah. They live like they don’t have much of a life maybe outside of it, but that’s okay. There’s no wrong answer. So it’s like, so the question is when have you made enough money in your land business? It’s only what you want. So what’s interesting for me, and then I’m going to let you talk. I’m going to have you share your perspective is, when we started Land Academy, we did this, our first program was called CASH FLOW FROM LAND, $10,000 a MONTH FOR LIFE. Because I’m like, you know what, if you can’t live on $10,000 a month, there’s something wrong. And I still believe that.
Steven Jack Butala:
So do I. Totally believe that?
Jill K DeWit:
Yeah. So, you could live on a lot less than that too, by the way. But for me, at a time in my life and even now I’m happy. I could live a very happy life on less than $10,000 a month and be fulfilled, do the travel I want to do, and have everything I want. So we have obviously, maybe not obviously, I’m telling you, we surpassed that in a big way and it’s great. And it’s awesome, but it does bring up more work, more responsibility. There’s just so many more things that go with that. More taxes. Oh hey, it’s tax time everyone. If you’re like me, you just wrote some checks this week, great.
Steven Jack Butala:
Big checks.
Jill K DeWit:
Yeah. That’s not fun, so that’s something you have to think about too. The more you write to the IRS, the more you made. So, you got to think about that. So I think what’s funny is you and I have different levels. I can remember hitting a level with you and I, that I’m like, I’m happy this is it, but you weren’t. And that’s okay. But I’m still on your team. So I’m like, okay, what do you want to do now? But I do have a limit that I say, “Look, I’m happy with these new goals that you want to do, but I don’t want to work that hard. So I’ll give you a 80% or something.” I’m not kidding. This is stuff that we talk about. I’m like, “Do we really need to do all that? Because I like this and you…” But no, it’s good. You’re the perfect partner, because you’d say to me, “All right, well and I respect that.”
Steven Jack Butala:
I’m the perfect partner today.
Jill K DeWit:
You are right now.
Steven Jack Butala:
This five minutes [crosstalk 00:07:34].
Jill K DeWit:
Oh yeah. In this one situation you’re perfect because well the last time I said it, you actually did hear me and said, “All right, I get it.” So how about we do it this way? And this is what I need from you and I’ll handle the rest. Done, done and done. So what does this mean to you?
Steven Jack Butala:
I want you to ask your listener, yourself this question. And there’s, in my opinion, four stages of wealth. This is something I came up with a long time ago. It’s not something I read in a book. And I want you to see it because all of you that are listening to this are a lot further than you think. Here they are, stage one, you have revenue. We have children who still don’t have any revenue yet. And they don’t need it. They haven’t been forced. Then that’s part of being a child. It’s started of growing up and becoming a grown up. Which for most of it means you have a job. Stage one check, I have a job.
Steven Jack Butala:
Stage two, my job actually pays more than I spend. If you have a job where you’re making $5,000 a month and you only spend 2000, because you’re super smart. And you’re living with a bunch of filthy people which I always did when I was young. And you have no real expenses at all, except for maybe a couple cases of beer a month or a week or whatever it is, and a health insurance policy that you… Congratulations, you’ve made it to step two. You actually make more than you spend. Step three is you’re planning for the future, and every month you’re saving a ton of money. So you have an end in sight. Maybe you have to work 10 more years, 20 more years, 30, more years. This is where most of us are. And most of the people that come to Land Academy are in step three. They’re like, I got it. I got this over here. I’ve got a W-2 job. I don’t have to…
Steven Jack Butala:
It’s a job I like or whatever. And my expenses are the way they should be but I’m… Now I need to bring some finality to this. Step four is, I want this to end. And put your number on it. I don’t want to do this anymore. I want to have X amount of money in the bank or in cash flowing investments like land or apartment buildings or whatever that means to you. It’s over. I don’t necessarily have to get up tomorrow. It’s done. And for me, that’s cash in the bank. There’s a lot. Jill and I have passive investments and stuff that I honestly don’t really calculate or bank on too much. It’s just cash in the bank for me. So, I think most of us are in step three. Maybe some of us are still in step two.
Steven Jack Butala:
If you’re listening to this, you’re not going to be in the previous stage much longer, because you’re thinking about it. Because you’re in that canoe from yesterday. So, you have to decide what that means. When I was really young, I used the B-word a lot. I’m going to be a billionaire. And I get older, I got I’m where I realized, you know what? I don’t want the responsibility that comes with it. The publicity, the tax, all kinds of stuff. So now I know. It’s taken decades and decades of making mistakes to really figure out X amount is just enough. That’s the conversation you have to have with you and probably your life partner. Hopefully you’re on the same page about it.
Jill K DeWit:
I agree. That was perfect, thank you.
Steven Jack Butala:
Jill and I could easily… And I’ll tell you what, it’s all expenses. Let’s just be real straight about this. If your house is paid off, you don’t have any car payments, you have no real expenses except probably health insurance, and you have some type of revenue stream coming in. It might be from buying and selling land. It might be from a few, you collect some rent from some people because you collected some properties along the way, but that’s it. If you’re making $10,000 a month on top of what your expenses are, I would say, I think you’re at stage four.
Jill K DeWit:
I love that. I think that’s perfect.
Steven Jack Butala:
That’s one deal a month.
Jill K DeWit:
I know.
Steven Jack Butala:
Half of a deal for a month.
Jill K DeWit:
Exactly.
Steven Jack Butala:
It’s very accomplishable.
Jill K DeWit:
Thank you. It was perfect. And thank you for joining us today. Happy you were here. Five days a week, you can find us here on the Land Academy Show.
Steven Jack Butala:
Join us next week for another interesting episode, you are not alone in your real estate ambition.
Jill K DeWit:
It was a good week.
Steven Jack Butala:
It was a good topic, Jill.
Jill K DeWit:
Yeah. Good stuff.
Steven Jack Butala:
That was a topic Jill came up with. And I love when you come up with your own topics because it’s… Which almost never happens by the way.
Jill K DeWit:
Yes, it does. I helped write this whole week.
Steven Jack Butala:
Remember earlier I said it’s going to take five minutes, five minutes to wreck this. [crosstalk 00:12:12]
Jill K DeWit:
Well then why did you wreck it? I didn’t wreck it. Thanks for tuning in. Don’t wreck anything. Exactly, skipping that. Going to the end. Ready, 3, 2, 1.
Speaker 3:
We are Jack and Jill.
Steven Jack Butala:
Information.
Jill K DeWit:
And inspiration.
Steven Jack Butala:
To buy undervalued property.
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