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Episode 25
Getting scammed and having your whole life savings wiped out in your first real estate venture is never fun at all. And you have your health issues to deal with on top of that.
How do you turn things around to work to your advantage, start anew, create a real estate business, and grow it to attain financial freedom?
In this episode, Tim Tsai shares his knowledge, experience, and passion for helping others live the life of their choice, and talks about his personal mission of creating 1,000 millionaires by 2040 through financial education.
What you will learn from this episode:
3 Rs Read Resource Reflect
Read / Listen:
Primary Greatness: The 12 Levers of Succcess by Stephen Covey
Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes by Tom Wheelwright
How I Built This - Podcast with Guy Raz
Resource:
Reflect:
"Be the change you want to see in the world." - Gandhi
"Life is not difficult. You make it difficult." - Tim Tsai
"Time is everything, we're all given 24 hours a day. What you do in those 24 hours paves the way for the life you live." - Tim Tsai
Tim Tsai is a full-time real estate investor and co-founder of Trust Your Talent, a Canadian Financial Education platform, and currently based in Edmonton, AB and travelling extensively to keep an eye on his investments.
He came to Canada from Taiwan at age 17-minus-one day to learn English.
After 16 months in the Canadian high school system, he went to university for Marketing with a dream of getting into an advertising agency.
Since working at an advertising agency didn't work out, he found a mentor – from a local program called "Leaders of Tomorrow" at the Vancouver Board of Trade, who encouraged him to embrace a career in sales instead
After retiring himself at the age of 30, Tim began to pursue another goal and passion of his – helping those who are committed to achieving financial freedom do the same.
With the investment he made in his own financial education, Tim became financially free in 2 years (25 months to be exact) after his first training.
To this day, Tim continues to be an active investor as he believes investing is a "lead by example" venture.
In the past few years, Tim has built cash-flowing portfolios in Canada, US and the UK, using a variety of strategies – income properties, lease options (residential and commercial), creative financing, flipping, wholesale, infill development, mobile home parks, etc.
His previous career experience included internet marketing, B2B sales for small and medium-sized businesses, mass marketing campaigns, sales management, direct marketing, and strategic business planning. These collective experiences have equipped Tim with the skills and fundamental knowledge of creating truly win-win scenarios for his business associates and investors.
Topics Covered:
04:04 - On a personal mission in creating a thousand millionaires by 2040 via real estate
09:28 - How his health concerns paved the way to build core values on running his real estate business
17:52 - That story of his first attempt at real estate that shook him to the core but brought him to where he is now
25:50 - Moving away from the whole fiasco and starting over again
27:51 - Sharing important marketing lessons
36:53 - Reasons he got attracted to the UK market
44:17 - Recommending real estate as a full-time, part-time gig for new investors
46:46 - What he suggests as a portfolio for any new investor
47:33 - Favorite personal brand and why
48:15 - Podcast show that he follows
48:32 - Resource that he enjoys using
49:22 - Books he currently reads and recommend
50:14 - Quotes he lives by
Key Takeaways:
"And one of my personal goals was just to let people know how attainable financial freedom really is. I think most people don't have a blueprint; they don't have a roadmap in terms of how things can be done. Because it really doesn't take a whole lot as long as you have the right strategies and the right systems and the right path to follow." - Tim Tsai
"I've spent the last decade now feeling better, looking better, treating myself better, and acquiring different tools to feel good and look good. So that I can legitimately stand in front of people and say, this is what I'm passionate about -- financial independence and financial freedom because it's not so much about the real estate side of things. A real estate is a tool, money is a tool. It's about what it can allow you to do to build a life that you deserve." - Tim Tsai
"I just realized that, 'Oh, okay. I come from a marketing background; I want it to look professional at the same time, I want it to be educational.' And so I think my marketing for the last decade plus now has always been focusing more on education rather than what is it? It's always what is it, how does it work? But more importantly, what can it do for you? - Tim Tsai
"How I do my marketing is really understanding people's why, what drives them? And let's get some clarity on that, no different than 1000 millionaires by 2040. There's a deadline, there's a clear goal, and there is a term that everybody can relate to." - Tim Tsai
"This is why going back to tie it all back in here is that even in the UK, we are in multiple markets as well. And it's all performance-driven. Before we determine strategies, we always have a solid financial goal in terms of what we want to accomplish in every market because it isn't cheap going to different markets. It's also not about how much you make, it's more importantly about how much you get to keep what you've made." - Tim Tsai
"So with investors that I work with myself for our own portfolio, and with the students that we train, I always say at the very minimum two by two. So once we've determined your financial goals, two strategies in two different markets, so that you are not 'live or die' by one market and one strategy." - Tim Tsai
Connect with Tim Tsai:
Connect with Paul Copcutt:
Music: Thank you to Zoax for the intro music
