The Cimifly Money Series: Let's Get Real About Money
This week, we’re talking to Jerome Myers.
Since leaving corporate America after building a 20MM division, Jerome Myers has become one of the most sought-after thought leaders in the multifamily development space. His company, The Myers Development Group, built a multi-million-dollar portfolio following the principles of Myers Methods.
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Your name and what you do?
My name is Jerome Myers, and I develop people and places through real estate ownership and one-on-one coaching.
Do you have a budget? What tools do you use for budgeting?
Yes, I use Mint.
What’s the best savings advice you have received and would give?
Pay yourself first… that way you will always have “enough” to save.
What’s one tool you use for savings?
I have a glass vase that we put loose change into.
Do you believe in saving your money in the bank or would you rather invest it?
I think both are necessary… I think you [should] save or store your money until you have enough to invest.
What type of investments do you have in your portfolio?
Apartments, single family homes, cryptocurrency, stocks…
What’s your advice for folks on investments? Also can you provide one hot investing tip?
Only invest in things you understand. And I truly believe that investing in yourself will always yield a bigger return than any other alternative.
What’s your advice on retirement? What should we be doing now that can prepare us for it?
Create cash flow now instead of trying to build a big nest egg for when you reach a certain age. This can dramatically increase the speed with which you become job independent.
We all have one thing in common: we have a passion for money and are ahead of the curve or more disciplined than others. However, we are all human and have a vice.
What’s your vice, what do you like to spend your money on? Do you plan for it or not?
I love exotic cars and taking international trips… Permission to spend on these things is usually tied to achieving something that generates a large amount of revenue.
What’s your definition of financial freedom?
Financial freedom is being able to live the lifestyle you desire without having to trade your time for money.
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