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How to Go from Military to Millionaire in 5 Years with David Pere: An EOFire Classic from 2022

From the archive: This episode was originally recorded and published in 2022. Our interviews on Entrepreneurs On Fire are meant to be evergreen, and we do our best to confirm that all offers and URL’s in these archive episodes are still relevant.

David Pere is a financially free Marine Corps veteran who teaches service members and veterans how to build wealth through real estate, entrepreneurship, and personal finance.

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Guest Resource

David’s Instagram – Follow David on Instagram!

3 Value Bombs

1. Real estate feels scary when it’s not your home, house hacking combines living and investing to reduce that fear.

2. In your early 20s, start building wealth by contributing consistently and letting it grow over time.

3. A dollar invested at 18 is far more valuable than one invested at 22.

Sponsors

HighLevel: The ultimate all-in-one platform for entrepreneurs, marketers, coaches, and agencies! Learn more at HighLevelFire.com!

ThriveTime Show: Is your business stuck? Join Eric Trump & Clay Clark’s life-changing business conference November 5th & 6th in Tulsa, Oklahoma! ThriveTimeShow.com/eofire!

Show Notes

**Click the time stamp to jump directly to that point in the episode.

Today’s Audio MASTERCLASS: How to Go from Military to Millionaire in 5 Years!

[1:03] – David shares something that he believes about becoming successful that most people disagree with.

  • Delayed gratification transpires into your views of money and currency. The more money you throw at something, the more you get back. The more your currency flows, the more it will give back to you.

[3:10] – From negative net worth to millionaire in 5 years while on active military duty.

  • As a marine corp, the mistakes he made financially are running jokes amongst them like motorcycles, tattoos, alcohol, women…
  • He listened to the cd version of Rich Dad, Poor Dad.
  • He bought his first property, lived in one half and rented the other half.
  • It cash flowed and he was hooked.
  • 5-6 years later, he had a 100-unit rental portfolio

[6:28] – What’s a TSP contribution and how can people maximize them?

  • Thrift Savings Plan is the military version of 401k. TSP started out as government-backed securities.
  • If you take a few moments to understand what fund your money goes into and change the allocation, you’d have 3x as much money.
  • At around 20 years old, when you’re starting off with your new career, there’s no better way to get started in wealth building than to contribute just enough, put it in the right fund, and let it grow.
  • At 25-40 years old, if you lose everything, you can get a job and come back. At 70 years old, if you lose everything, you’ll lose everything.

[10:17] – Using VA loans as the best mortgage product out there.

  • VA loans requires 0% down payment, there’s no limit to what you can buy with it (as long as your debt to income or personal financial expenses allow).
  • With normal loans, there’s credit score adjustment in interest rates. The VA loan does not adjust until a 640 credit score.
  •  Lenders feel secure because this loan is backed up by the government. It’s easier to get qualified, lower interest rates, better terms, and it allows you to get into a house with nothing out of pocket.

[16:42] – A timeout to thank our sponsors!

[19:37] – The military sets you op for success in so many ways.

  • Some people end up with $100k in student loan debt. By the time they’re 22, they’re just starting their career. That person is not set up for success.
  • A dollar spent at 18 is infinitely more valuable than a dollar invested in 22.

[22:31] – David’s key takeaway and call to action.

  • When people think about real estate investing, they get scared because they’re buying a house they aren’t going to live in. Buying a house is not scary, but buying an investment is. Combining the two is called house-hacking.
  • David’s Instagram – Follow David on Instagram!

[25:30] – Thank you to our Sponsors!

Killer Resources!

1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!

2) Free Podcast Course: Learn from JLD how to create and launch your podcast!

3) Podcasters’ Paradise: The #1 podcasting community in the world!

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