A 33-year-old worth $10 million shares his top tips for retiring rich

A 33-year-old billionaire has revealed his top tips on how to “retire younger and richer” through real estate investing.

Daniel Walsh, a former trader and train driver, claims to have 20 properties in his investment portfolio and a net worth of more than $10 million. When he started investing, his annual income was just $39,000.

“Looking back, I learned one very valuable lesson: Over time, your investments will always outweigh your earned income,” he said.

“The key to retiring younger and wealthier has always been to move your hard-earned working income into assets that work for you,” Walsh said.

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Daniel Walsh and his wife Sophie. Photo: Tim Hunter.

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Here are his tips:

correct way of thinking

Walsh suggested surrounding yourself with “people who will help you achieve what you want to achieve and who will support and understand your financial dreams.”

He added that I am a strong believer in the power of manifestation as I am able to think through problems towards solutions.

“But in order to achieve any goal, ultimately you have to take action, and that's the fall.”

This is a point made by many people who dream of certain things but don't actually do anything to make them a reality.

“The richest people have a mindset of abundance, not a mindset of scarcity,

I have worked hard to build a path to financial success. ”

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Daniel Walsh owns 20 properties and has approximately $10 million in equity. Photo: Tim Hunter.

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Make the most of your time

“One of the most precious resources each of us has is time. It is a finite resource,” he said.

“This means you need to make the most of the time you have available by outsourcing things that someone else can complete more cheaply,” he said. “It's like cleaning your house or hiring a professional who has more experience than you and can help you reach your goals faster.”

Take advantage of leverage

Mr. Walsh said that leverage is generally the reason most people become wealthy while others do not.

“By leveraging your superpowers, you can double your income returns and create additional sources of income in the long run,” he said. “Basically, you need to understand the difference between good debt, such as a mortgage, which can make you more money, and bad debt, such as a personal loan, which can leave you poor.

“One of the secrets to financial success is also leveraging “phantom equity.''

Recycle the increased capital within an asset to other assets,

Increases value. Over time, it becomes a perfect “money snowball” in a sense. ”

Daniel owns 15 properties worth $20 million in New South Wales, Victoria, Queensland, WA and South Australia.

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manage risk

According to Walsh, everyone can improve their risk profile through education and improving financial literacy.

“Risk management requires understanding how risky certain investment vehicles are. In my opinion, real estate is the least risky,” he said.

Walsh said it's important to ignore times when the market may temporarily soften. “It doesn't matter what the price is today or tomorrow. It matters what the price will be 10 years from now, 20 years from now.”

create compound wealth

Mr Walsh said most people who invest in real estate give up after about five years because they either bought the wrong property the first time or were actually speculating in the market.

“History has shown time and time again that it takes most people a long time to build great wealth. Even Warren Buffett was 60 years old when he made his first billion dollars,” Walsh said. said.

“That’s why you have to be persistent and patient,” he said. “Over the years, which could be 10, two or even three years, you end up creating an investment portfolio across different asset classes that provides multiple streams of income and You'll also benefit from increased value over time.”

Daniel Walsh published a book titled “Six Principles for Retiring Younger and Richer.''

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