A financial expert who amassed $1 million in wealth in his 30s, while buying a house and welcoming two children, has revealed the simple “mindset trick” he claims can help anyone get rich even with low income.
Brennan Schlagbaum, 32, of Dallas, Texas, said he spent his teenage years working extremely hard and fiercely saving all his money, leaving him with about $10,000 in his bank account by the time he was in college.
But the money guru and author explained that while it looked like he had a lot of wealth on paper, in reality he was far from rich thanks to his mounting student loan debt.
However, at age 23, his perspective on finances, investing, and saving suddenly changed, and within seven years, he was able to pay off his loans and accumulate a net worth of more than $1 million, all while growing his family portfolio and of real estate. at the same time.
A finance expert who amassed $1 million in wealth by the time he was 30 has revealed a simple ‘mindset trick’ that he claims can help anyone get rich even with a low income.
Brennan Schlagbaum (seen with his wife in old photographs), 32, of Dallas, Texas, said he spent his teenage years working extremely hard and fiercely saving all his money.
He had about $10,000 in his bank account when he was in college, but the money guru (recently seen in front of his house) explained that he started racking up student loan debt.
Now, he has shared the easy ‘mindset shift’ that he said transformed him from a debt-ridden college graduate to a millionaire now running his own booming business.
And Brennan insisted that anyone can get rich from the ‘trick’, regardless of their current financial situation, job or savings.
Yoa video shared with your On the Budgetdog YouTube channel on Monday, the expert explained that his parents “lost everything” in the 2008 “crash,” so growing up they taught him that he needed to save his money relentlessly.
“You see your parents lose everything and you think, ‘I should probably save some money,'” he said. “It seemed like a really smart thing to do when you’re young.”
He explained that he worked a number of jobs during his teenage years, including a cashier position at McDonald’s and construction and landscaping jobs, among other things.
“Anything you can think of, I worked on it,” he continued. ‘I made a lot of money and worked a decent amount for my age. Outside of sports and outside of school, I was always working.’
He said he put all his money in a bank account and was “blown away” watching the number grow.
When he headed off to college, he had about $10,000 in his savings, but looking back now, he wished he had used the money to invest instead of just saving it.
However, at age 23, his outlook on finances, investing, and saving suddenly changed, and within seven years, he was able to pay off his loans and accumulate a net worth of over $1 million.
Meanwhile, he grew his family, welcomed two children and his real estate portfolio by purchasing a home, and shared that simple “mindset shift” that “transformed his life.”
In a video shared on his YouTube channel, Budgetdog, on Monday, the expert (who is seen paying off his mortgage) explained that most people are conditioned to “hoard” their money.
‘I was saving and that’s what I was always conditioned to do. That’s why I felt very good, I was playing,” he explained.
“I could have put all this income into a Roth IRA… If I had invested that money instead of saving it, it would be worth a million dollars more today.”
He said his savings were quickly depleted after he started racking up student loans and car debt, and when he graduated in 2015, he had a “negative net worth of $8,000.”
But at age 23, he got a job as a certified public accountant, which involved evaluating companies’ finances, looking at their balance sheets and analyzing their income statements, and he said it completely opened his eyes to what he was doing wrong.
“I took those concepts and applied them to my personal finances and it worked like magic,” he shared.
Brennan explained that he learned that most people are conditioned to “hoard” their money, but should invest it instead.
‘[As a teen] I was saving so it felt good. But this is the exact reason why I was broke and the exact reason why a lot of people are broke,” he stated.
‘It’s not because they have bad intentions, it’s not even because of a discipline problem, it’s because of a misunderstanding.
‘When I was a child, I saved money to build wealth, but I didn’t really know what wealth was.
‘Now, the only way I see money when it comes is an exchange of value. The green piece of paper or the number that goes up on the screen doesn’t do anything until you put it somewhere.’
Brennan said he only keeps about $5,000 in his bank account and invests everything else.
In addition to putting it into “the stock market and the real estate market,” he also said he uses his money to “buy assets, education and access to other people, people with higher thoughts and better abilities.”
‘Until you do these things, money is nothing. “It’s just sitting there,” he added. “Most people never get past that stage, they keep their money hoarded and feel secure, but in fact, their money is taking everything away from them.”
Instead, he said you should invest it in the stock or real estate market, explaining, “The only way I see money when it comes is an exchange of value.”
The financial guru wrote a book about it, called The Roadmap to Financial Freedom: A Millionaire’s Guide to Creating Automated Wealth, which went on sale on April 16.
He said he hoped that by sharing the “mindset trick” that “transformed his life,” he could help others achieve the same. She is seen with her daughter and the book.
‘I spend money to make money. I have no money. In fact, we don’t keep more than $5,000 in cash at any time in our bank account because everything we have goes into assets.
‘When it comes in, it stings me now. I used to feel like taking the money and keeping it, but now I feel like releasing it.
“That’s the only way to build real wealth.” If you think saving money will make you rich, you’re not listening to the right people.’
Brennan noted that it’s okay to have some “emergency” savings or put away money for a “particular purpose,” but he said it’s vital to not be “afraid” to spend.
“Let it flow because you will receive it back,” he continued. “When you eliminate that fear and you know it’s going to come back, you know you can take that money and circulate it in the real estate or stock market.”
The financial guru, whose first book, The Roadmap to Financial Freedom: A Millionaire’s Guide to Building Automated Wealth, was published on April 16, said he hoped that by sharing the “mindset hack” that “transformed his life,” could help others achieve the goal. the same thing.
“I want everyone to be able to develop this mindset trick,” he shared. ‘It’s not luck. You can choose to be rich.
‘The stock market does not discriminate. I don’t care where you come from, what your skin color is or how you speak.
‘If you put money into the stock market the same way I did, your money will do exactly the same.
‘And that’s the beautiful thing: in the stock market there is to a certain extent equality.
‘When you allow that into your life, you start giving more, you start receiving more and your whole way of thinking will change. Then the game of wealth becomes very easy.’