Secret #34: Payoff Your House First…

what’s up everybody’s russell brunson welcome to late night in the wrestling room edition and marketing seekers podcast so the big question is this power entrepreneurs like us you didn’t cheat and take on venture capital for spending money from our own pockets probably mark it in a way that lets us get our products and our services and the things that you believe in out of the world and yet still remain profitable that is the question in this podcast we’ll give you the answers my name is russell brunson and welcome to marketing secrets alright alright everybody so I spent almost five five or six hours today with the kids in my little piece of heaven here cleaning today so this is an external garage or a house that I just had to turn to resting rooms those who never seen it before and it’s awesome about wrestling math I got gladiator walls we got Bulgarian bags over here we got paintings my favorite wrestlers back here we’ve got throwing dummies we got the girls stuff here for the girls these are actually the wrestling mats I used to wrestle on in high school they were on my back deck growing up so this little nostalgia for you that’s cool and then yeah this is the weight room side of it so this is where we we do what we do and it’s it’s awesome so as I was working today yeah it was out like I said we’re out kind of middle nowhere so there’s lots of spiders ants bugs the stuffs always bug choppers and stuff and so probably three or four months I come and do a deep clean write to you the vacuum out and throw away all the dead spiders and like wreak lean and like yeah it’s kind of a nightmare but it’s really fun now it’s clean like it’s so clean right now I just I love it makes my workout so um but anyway during all of this craziness today of cleaning having fun like that I was checking my phone couple times throughout and I saw a post from Julia Stone and I thought it was interesting because she asked hey should I pay off my house or should I pull the money out and use that for other investments and things like that and it’s funny because I gave my answer it was like the exact opposite of what I think a lot of people thought I would I would think and I think it’s good so I’m gonna give you my advice right now because I know when I was a little kid my dad who’s an entrepreneur and has a couple businesses and you know someone who first got me all excited by this whole thing he’s always told me he’s like you’d pay off your house you’d pay a fiancee I feel as quick as you can and I remember cuz I was like okay that’s good advice and then when I got older I remember reading Rich Dad Poor Dad and other like investment books and like they always talking about a house is a bad investment you know you know I keep keep the money as low as possible and then but I gives that to pay off you know I keep your house just down the minimum pay monthly payments and keep that money and go and invest in other things we can produce more money and logically it makes sense right if I was an investment dude teaching people invest and I’d be like yes you should not pay off your house should keep the you know keep the payments or keep you know keep the equity and there’s lowest possible strip to cash out because you can use that in other investment vehicles so it makes sense as an investor but I don’t consider myself an investor now I am getting dabbling in the crypto currencies Todd Dickerson my partner cliff funnel says making insane amounts of money so he’s showing me the ways of the crypto world but I still never convinced consider myself an investor I consider myself an entrepreneur and it’s funny because when I first saw Audrey in those books I started believing that start believing that and then I talked to my dad as like dad why don’t you pull your money out cuz my dad’s like buys houses pays him off in the cash flow buys houses pays him off cash flow and then he did his own house and I was like dad like what are you thinking you’re crazy and I remember like one night he just kept homies like he’s like Russell you have to understand there’s something there’s something about knowing that your house is paid off that knowing that like the worst-case scenario that your house is there it gives you the ability as an entrepreneur to go on risk and that’s like huh and I don’t think I really got it like you know I heard him I’m like you know young son thinking he knows everything and um don’t think I got it at first I just like okay okay whatever and then you know the next 10 next decade of my life started happening after that and in that decade I’ve seen some really big ups and some like big downs and it’s really bigger ups and some big downs and right now I’m on an upcycled and there may be a time when I go back down and that sucks and scary and I have a lot of fear and anxiety around that just cuz I’ve cycled twice and I know that feeling I know the fear I know the all those things I have a constant he part of reason what drives me so hard people always ask like why don’t you slow down dude you’re doing pretty well on my backside the psyche internal fear of like I remember what that was like to cycle I’m trying to like protect myself through the hustle or through I don’t know whatever whatever that is and so I think that’s a big driver force for me but during this these cycles and luckily we recovered from them but a couple things I that I noted things got really bad a couple times but same time like I never I’m just probably wrong dude I never told my wife a lot about what was happening and she found out later I actually if she was at last phone-hacking live or I did the presentation on all my maya failure sushi I saw a few episodes back and he and she was like what she said I didn’t rise it was that bad like really tell you supposed to be the man should be like anyway and but like for her I knew that like I had to have security so I knew how much like we there’s an amount of money every single month that she would that she got that would like cover the rent or another her house payments are billed so by that I just knew like as long as I can make at least that like I was looking at risking and trying and doing things long as the worst-case scenario like my stability my foundation was set and so on and so uh that was that was it and like during those those rocky scary times everything it was just like I knew the worst-case scenario I could always produce enough money that she there like nothing at home was affected so it gave me the ability to risk him to roll the dice and to try things and so for entrepreneurs I think that sucking the cash at your house investing in other places is the worst advice ever because then you’re on this unstable foundation sure you have more money to invest and there you can make more such things but it takes away your ability to risk okay risk is what makes an entrepreneur great right then we’ve got the risk emitted jump off cliffs all the time but risk is scary it’s like the only way for us to be able to increase the level of risk tolerance we have I think is also the increase the stability tolerance on the other side right like paying off your house is smart because worst case scenario of everything all the crap hits the fan everything falls apart if you’ve done that and you’ve paid off your house worst case scenario you you still have the stability of a home for your wife and your kids and your you know whatever and that is like that’s the key that’s that’s like that gives you the ability now to go and do the crazier things yeah like if anyway so that’s my advice for all you guys pay off your house paid off fast pickups quick she can because as you do that and as you as the stability the anchor gets stronger and stronger and stronger on this side your ability to risk over here without the fear of losing that usually bility to risk more and be able to do what you need to do because entrepreneurship is a lot of like literally rolling the dice this viral video we’re doing I keep telling what I’m like you know typically my investments in our business are very strategic right we create funnel we invest some money we get it converting then we ramp it up really fast like I’m not risking a ton like this is the biggest one where it’s like to create the video we had to write a five hundred thousand dollar check like okay there was a million dollars right put it all in black and then you know at the launch party and launch party between everything we danced put another three or four I mean it’s close to what I’ll send it’ll be close to a million bucks like all on black legs okay let’s go and hopefully it’ll work right but the nice thing is it like because of the stability on other things we’ve set up like I can take that risk and it’s okay cuz if worst-case scenario it’ll be okay you know the I’ve talked about some other episodes the podcast you know the thing that so often keeps on tumors from success is the fear of the worst case scenario you have to be able to look at the worst case scenario they I’m okay with that and if you are then you can jump forward some timers we never look at the worst-case scenario we’re just always like we don’t want to we don’t want look like what the thing that we’re scared of right so we see the thing we want I’m going forward but there’s this nagging theme back your head just like worst case Center what if I go bankrupt what am I my wife fleas and what if my kids think I’m a bad dad like all these these fears that are happening we try to ignore him but because we’re normally there’s like buzzing in our ear and our subconscious mind so because of that they just keep coming to he coming and I was telling stories like if you want to be free and might be able to risk you have to stop you’ve looked back Doug what’s the worst-case scenario back there if everything goes to crap like what happens and until you’re okay with that it’s so hard to move forward it’s a lot of us we have to stop his okay what’s the worst-case scenario okay I remember that the LA Times you know I’ve had a couple times worst case scenario was bankruptcy worst case scenario was losing my house worst case and those are man those are scary now at the beginning all times that’s you have to take that you have to have the initial risk yet be okay at Calif I if I lose my house it’s okay if I go bankrupt it could be okay but as you get as you start rolling up into bigger opportunities bigger risk bigger things like that it’s nice look back taking a worst-case scenario it was my money on this deal so now my house – my wife’s got my kids I got security gives you the risk big so pee off your house there’s my advice it goes against all the famous investing dudes but I think they’re wrong and I think most those guys aren’t entrepreneurs like us so that’s what we do we’re entrepreneurs we’re risking making the world a better place and I’ve mentioned this entrepreneurial skaars podcast the episode a few a few back about just like Bob’s Burgers don’t risk the whole world comes to a screeching halt like the government put in bankruptcy and all these laws all these things to protect us we can risk and so that’s why it’s vitally important yeah and it’s awesome so there you go here’s the mirror what you guys are we’re all talking together how cool is that look if you listen even right I’m doing before watching the video marketing secrets calm Miss Lucy anyway alright guys appreciate you all let me back in put my kids to bed it’s been fun day it looks clean shave some workout surfaces people to bleed out of our muscles really hurts sometimes anyway appreciate you guys pay off your house give you the financial stability you need to risk everything and change the world so thanks everybody talk to you soon would you like to see behind the scenes of what we’re actually doing each day to grow our company if so then go subscribe to our free behind the scenes reality TV show at WWF unlocker 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You can also get the transcripts to this episode here:

Against all traditional investing advice, this should be your number one focus after you launch your company.

On this episode Russell talks about paying your house off quickly so you can have the ability to risk more. Here are some of the amazing things you will hear in today’s episode:

-Why Russell is giving the opposite advice as nearly every investor there is when it comes to paying off your house.

-How Russell was able to keep his wife in the dark about some of the hardest times in the business.

-Why having the stability of a paid off house gives entrepreneurs the ability to risk more.

So listen here to find out what would happen to Russell, worst case scenario and why he wouldn’t lose his home or family.

Secret #34: Payoff Your House First…

Secret #34: Payoff Your House First…