Society teaches us that hard work leads to a great life, so we build a career first and try to fit life into what is left over. But perhaps there is a better approach… What if we could design our lives first, and then fit business into what was left?
Steve Cook began his career in the restaurant business, but failed miserably. Success came with a move to real estate investing, and three years in he had $7M in assets. Flipping houses allowed him to accumulate a great deal of wealth, and his financial advisors were committed to helping him accrue even more. Steve was doing everything right, but he wondered when he would get to enjoy it. The business had become his life, and he was compromising everything that was important to him.
Committed to simplify his life and break free from lenders, Steve made radical changes. He stopped borrowing, downsized to reduce expenses, and pared down his work hours so that he could be the husband and father he wanted to be. In the book Lifeonaire, Steve Cook outlines his approach to the pursuit of an abundant life, and today he shares that philosophy with us. Listen in and learn how to shift your mindset, overcome cultural conditioning, and pursue the life you want right now!
Key Takeaways
[7:09] The message of Steve’s book, Lifeonaire
- Plan of pursuing money to one day live a great life is flawed
- Pursue a great life instead
[8:24] Steve’s moment of realization
- Tax returns reflected $300,000 in interest paid each year
- Slave to debt ($4.5M)
- Consumed by work, compromising what was important
[13:02] How Steve’s life went from simple to complicated in a three-year span
- In the beginning, it took $25,000/year to make ends meet
- Three years later, doing everything ‘right,’ $25,000 only lasted two weeks
[13:58] How Steve simplified his life
- Made a commitment to stop borrowing
- Developed a life vision
- Chose only the deals that got him closer to that vision
- Reduced his working hours (10a-2p, M-F)
- Downsized to reduce expenses
[20:35] The shift in Steve’s approach to real estate investment education
[21:46] How to reduce your working hours
- Believe that it is possible
- Focus only on the most profitable and efficient
- Trust that the business will produce
- Appreciate that it is possible to make more when you work less
- Remember, the WHY will make you more productive
[24:52] Steve’s guidance for living the life you want NOW
- Determine what you want
- Believe that it can happen
- Let go of the idea that you don’t have enough
[26:17] The definition of ‘lifeonaire’ and how the term was conceived
- A lifeonaire pursues an abundant life
- Steve had two clients who were focused on being millionaires
- Both had the ultimate goal of becoming better fathers
- Neither was convinced that they could be good fathers regardless
- Steve recognized that the pursuit should be about life, not money
[29:34] Why more people don’t subscribe to the lifeonaire philosophy
- Cultural conditioning to believe that hard work produces a great life
- We believe we don’t have enough
[31:05] The greatest challenge for aspiring lifeonaires
- Shifting mindset in a culture that says you’re wrong
- Can be overcome by surrounding yourself with people who share your mindset
[32:35] How long it takes to become a lifeonaire
- Can start instantly with a shift in mindset
- The pursuit of joy is a life-long journey
- Expect to see results in the two month to two-year range
Connect with Steve
Lifeonaire by Steve Cook and Shaun McCloskey
Resources Mentioned
Free eBook: The Secret to Raising Money to Buy Your First Apartment Building
