How Someone Amassed A Fortune In RE

[John Thedford]

Several years ago...actually many years ago I was visiting a relative. She had offered me a Coke which I accepted. A few minutes later she came in and asked where the can was. Much to my surprise, she dug it out of the garbage stating they recycled them for cash. Here they were in a multi-million dollar house, two 6.5 litre Mercedes in the garage, living in a very exclusive neighborhood in Arcadia in souther CA. Then my aunt proceeded to tell me why her husband was supposedly the wealthiest doctor out of his entire graduating class. She stated that when he graduated med school, they bought a duplex, lived in one side, and rented the other. His other friends, after graduating, went out and purchased expensive houses, expensive cars, etc. My aunt stated that while their friends were busy flashing their success, while they were spending future income, taking on heavy foolish debt (as opposed to good debt) my aunt and uncle invested every dime. First duplexes, then garden style multi family apts, freestanding buildings, etc. The lesson was: invest invest invest while you are young and wait to spend spend spend until you have built up your assets and made real money. After you reach that point, the money you spend won't be needed. They put money to work at an early age, and now do as they please.