What’s the worst money advice you’ve ever received?
If you get a paycheque, you should just put it in your savings account and let it sit there. Or, that you should work with the goal to just save money. You obviously have to save some of that money, but then you should invest the remainder. I think that’s how you can grow your wealth.
Would you rather receive a large sum of money all at once or a smaller amount of money regularly for life?
I would definitely rather receive a large sum of money up front, because you can just do so much more with it. You can have financial advisors or investment advisors guide you the right way so that you will have a lot more in your bank account in 10 years than you would by receiving smaller amounts regularly. I lean on financial advisors sometimes myself.
What is the biggest misconception people have about growing money?
That you can just save money and not do anything with it to grow your wealth. In times of inflation, that’s not going to do you any favours. On the flip side, investing in high-risk stocks can be dangerous if you don’t know what you are doing or don’t work with a financial advisor.
Can you share a money regret?
Back in 2007/2008, there was a big crash in the real estate market and prices fell, but I wasn’t in the financial position to take advantage of that. Then in 2013, I had the opportunity to invest in a multi-family apartment building, but I didn’t. I don’t really have any regrets in life, but I think the lesson there is that when you have an opportunity and you have enough information to show that it’s the right decision to make, you need to have the guts to act. I learned from that, and I no longer hesitate when opportunities like that come my way.
What does the word “value” mean to you?
Anything that has a return, whether monetary or emotional, is something that has “value.” Bill Perkins talks a lot about the value of experiences and spending money on things you want to do—whether it’s a concert, visiting another country or just taking a break. These can all be valuable experiences.
What’s the first major purchase you made as an adult?
I bought my apartment in Florida in my early 20s. I was training there in the off-season. It was the first time I had owned any real estate or anything of real value. I renovated it after making some money on tour at the time.
What’s your take on debt?
As long as you can get a return on your investment, such as by taking on debt to buy a rental property that pays the mortgage and all the bills, then debt can be very powerful. It can also be dangerous if you don’t know what you are doing, which is why it is important to lean on people who know what they’re doing and can advise you on how to use debt in smart ways.
What was your most recent splurge?
My most recent splurge was a trip to Vegas with my friend for a weekend. It was an amazing time and we made some unforgettable memories.