Rob explains how to calculate the financial freedom amount you need to live comfortably each month. This could mean in retirement or in an emergency financial event. Also, we discuss the process of reviewing how much you need for your security fund, and auditing your investments.

Financial Freedom Amount – Finding it through your Profit and Loss Review

Rob starts out reviewing three levels of living standards: the basic level, vitality level, and your financial freedom amount. To determine how much you need to live on day to day, you must perform a personal P&L review with your own bookkeeping software. Whether it’s Quickbooks or another platform, it should have tools built in to generate profit and loss statements easily.

He then presents the concept of “grateful business expenses”. If he didn’t own a business, he couldn’t write off certain expenses, such as his cell phone bill and medical expenses. Make sure those write offs are part of your report!

Next, the discussion turns to your security fund. Your financial freedom amount must take into account money you’ll need in case of disaster. Rob recalls the day that the COVID-19 pandemic shut down all non-essential businesses. Many people were not prepared for this scenario, and we are still feeling the effects of it today. You must determine your own emergency fund number by months of income. Rob’s wife Claudia’s comfort lies with 18 months of income in the bank.

After that, you need to examine your investment funds. Are you stacking cash you don’t want to touch, but can afford to if need be? In an absolute emergency, you can borrow from your kids’ education fund, albeit with penalties.

Take all of these factors in when calculating your financial freedom amount.

Join Our Community

Do you own multi-family properties? If not, do you aspire to one day? Then you should consider joining our online discussion group, the Addicted To Life Community! Each month, Rob Rowsell will teach you what you must do in order to build wealth in the real estate business. It’s not as easy as it looks! Property taxes, liens, and legal fees can all be hard to navigate, so having a successful guide in your corner like Rob is a must! Enroll today!

Most of us resist setbacks and struggles, but both are crucial to our growth. In fact, the most successful investors respond to failure with resilience. These investors pick themselves up, dust themselves off, and then take the next step of uncomfortable action toward their dreams of financial freedom.

Rob Rowsell embodies that kind of human will. In 1999, he was a homeless crack addict living on the streets. Then, he stumbled into a rehab center, and through sheer grit, Rob turned his life around. Today, he is a real estate investor, motivational speaker, multiple business owner and bestselling author of Addicted to Life: How I Went from Homeless to Extraordinary Success and Happiness in a Short Period of Time.

On this episode of Financial Freedom with Real Estate Investing, Rob joins cohost Garrett Lynch and me to share his journey from homeless addict to successful multifamily investor. He explains why so many aspiring investors don’t succeed, challenging us to develop a strong WHY and leverage visualization to reach our goals. Listen in for Rob’s insight on cultivating the mindset where you need to take action, grow through the challenges, and achieve financial freedom as a multifamily investor!

Key Takeaways

Rob’s struggle with addiction

• Hooked on both meth and crack cocaine
• Homeless and unemployable

What inspired Rob’s decision to change

• Realized he was on the path to death or prison
• Pain to stay the same was greater than the pain to change

How Rob got back into society

• Choose new people, places, and things
• Willing to take uncomfortable action

Why aspiring investors don’t take action

• Biggest hurdle is equal to previous successes
• They lack a big enough WHY

How Rob uses visualization to reach his goals

• Write out your goals as if they are already accomplished
• Read over in order to instill yearning and belief

The traits of a successful entrepreneur

• Builds momentum via stacked action
• Willing to act despite uncertainty
• Grow through catastrophic failure

How Rob used knowledge in order to build momentum

• Ziglar taught potential to succeed
• Saved so he could buy Carleton Sheets course

How Rob got into real estate

• Bought auto repair shops with no money down
• Used hard money for first few SFHs

How Rob grew a 1K-unit multifamily portfolio

• Start with SFH buy-and-hold strategy
• Flip SFHs into small multifamily
• Reinvest profits in larger multifamily

About “Financial Freedom with Real Estate Investing” Podcast

The Financial Freedom with Real Estate Investing podcast is all about how you can achieve financial independence and control your time through apartment building investing. Each week, hosts Michael Blank and Garrett Lynch interview experts who share how you can get started with investing in multifamily real estate even if you don’t have previous real estate experience or cash of your own to invest. You’ll hear from experts like Grant Cardone, Robert Kiyosaki, Ken McElroy, Robert Helms, Brandon Turner and Hal Elrod about developing the right mindset and scaling your portfolios. You’ll also hear from dozens of people who share how they have been able to quit their jobs with multifamily real estate. Whether you’re just getting started or want to scale your syndication business, this is the show for you!