Stuck in the rat race and itching to escape? Get ready to take notes from today’s guest, Tim Rhode! Tim retired at the age of 40 by running a successful real estate business, making smart investments, and living modestly in his younger years. Now, he spends his days doing the things he loves with the people he cares about. If that sounds like the kind of life you want to be living in 10 or 20 years, you’re going to want to pay close attention to Tim’s advice. Not only does he share what it takes to achieve financial freedom, he explains how to determine whether or not you’re on a track that will get you there.
Listen to today’s show and learn:
- Tim’s brief bio [2:46]
- What it takes to escape the rat race [4:24]
- How to determine whether or not you’re on the right track [6:30]
- The problem that plagues high-earning agents [9:14]
- A simple equation for determining your LTI [10:27]
- Advice agents in their 20s and 30s should take to heart [11:27]
- What allowed both Pat and Tim to retire from real estate in their 40s [13:37]
- The problem with waiting for homerun investment deals [15:29]
- Pat’s “Aha” moment that stemmed from a discussion with Tim [19:19]
- Tim’s opinion on where the real estate market is going [21:05]
- What to do in the event of a market meltdown [23:20]
- The story of Tim’s charity: 1Life Fully Lived [25:43]
- How to break through your goals.
- Plus so much more.
Tim Rhode, the creative force behind 1lifefullylived.org is a rare individual who “walks the walk” of what he teaches. Tim came from a very humble background, growing up in a blue collar family in a blue collar town. Although he barely graduated high school and never attended any college, Tim went on to dream, plan, and create his own “magnificent life.” He grew up as the 3rd of four kids of a teacher, Raymond Rhode and a stay-at-home mom, Patti Compton. Raymond was an excellent teacher, but not always wise with his finances. Things were tight when Tim was a kid and every month he would hear his Dad say, “Look, I only have 12 bucks for the rest of the month.” This was right after Ray got paid on the first of the month.
Ray’s tight financial situation left an indelible mark on Tim and he strived to make a better life for his family. After a slow start in life (he was a grocery clerk until 25), Tim sold real estate for approximately 18 years – and sold over 2,500 homes in that period. Every year as Tim’s income continued to grow, he lived “small” and saved and invested his income and reinvested his profits. Tim lived as if he was still making a grocery clerk’s salary. Over time, he has also bought and sold hundreds of properties for himself. Some he fixed and sold for a profit; others he kept as rental properties which he either sold or exchanged into the 2005 Real Estate craze. He now owns many commercial real estate properties and real estate notes that provide passive income which allow Tim to follow his passions. These include mentoring young folks on creating a great life, as well as skiing, hiking, mountain biking, etc. Tim lives in an incredibly “inspiring” setting in his “castle in the sky” tucked into a mountain north of Lake Tahoe, CA. (Portola, Plumas County) with his lovely wife Tina, and has three wonderful children Chris, Sarah, and Andy. The older kids are in their mid 20s and are out of the house, totally self sufficient, creating their own “magnificent futures.” The youngest child is still in high school being mentored daily on the same things Tim is teaching here.
Having gotten off to a slow start in life, and then finding his way to such a great life, has inspired Tim to help others find their own paths earlier in life. Tim is totally committed to helping kids plan their future, as well as becoming a force to help change the ways children are taught in our schools. Tim understands he has lived a blessed life and wants to spend his senior years helping young folks (of all ages) dream, plan and implement their own “magnificent future.”
Related Links and Resources:
- Grow Your Real Estate Profits with Our Agent Success Toolbox
- 1Life Fully Lived
- Tim Rhode | Life Abundance Coach
- Tim’s Previous Podcast Episode: 140
- Robert Kiyosaki’s CASHFLOW Board Game
Thanks for Rocking Out
Thank you for tuning in to Pat Hiban Interviews Real Estate Rockstars, we appreciate you! To get more Rockstar content sent directly to your device as it becomes available, subscribe on iTunes or Stitcher! Reviews on iTunes are extremely helpful and appreciated! We read each and every one of them, please feel free to leave your email so that we can personally reach out and say thanks! Have any questions? Tweet me, Facebook me and ask Pat anything. Don’t forget to head on over to Bare Naked Agent for Pat’s answers, and advice. Thank you Rockstar Nation, and keep rockin!
Audible-Your first book is FREE!!! click here and get a 30 day free trial –Click Here Now
Read the New York Times Best Selling Book with an introduction by Gary Keller – Read Now