Living On $615K A Year In Seattle | Millennial Millionaire

My name is Todd Baldwin. I’m 27 years old. I live in Seattle, Washington, and
I make $615,000 per year. Money by itself really
won’t make you happy. All it is, is a tool
to get you what you need. It’s security and you know, it can
provide you a great life, but it doesn’t buy you happiness. Like people think it does. Out of the $615,000 we bring in, we
invest almost all of that just back into the business, back into more
real estate or into different brokerage accounts. So we don’t actually see a
lot of that because it’s all invested out. But yes, it’s a very comfortable
lifestyle and it helps that we’re incredibly frugal. All for free. I earned the bulk of my
money through real estate investing. We’re bringing about $460,000 per year
doing that, and about $150,000 is profit and that is after living completely
for free and all expenses are paid. We bought our first
house at age 23. We are now 27 and we have $4.4 million dollars worth of real estate. So some people think that the hardest
thing about real estate will be either insurance or taxes. Luckily, I work in insurance and my wife
is a CPA working in tax, so my wife and I live completely for free
by house hacking and having roommates. So we live in a brand new duplex and
we have the other half of that duplex on Airbnb and we live
in the main half. We also converted one of the
garages into a studio apartment. We have that on Airbnb as well. And in our main unit, the half that
we live in, we have roommates, so we rent out one bedroom for $1,200
and another bedroom for $850. After living in our duplex completely for
free by renting out the other half, the downstairs garage, and the
bedrooms on our side, we live completely for free. Plus we
make $1,850 in profit. I was raised by a single mom and
I watched her struggle working four jobs to try to feed three kids, and she
was worried all the time about money. And I saw it and I could feel it. And it wasn’t a good feeling. And from a very early age, about 12
years old, I told myself that that’s not something that I wanted in my
later years, that’s not something that I wanted for my family, and I had
to make a change and do something different. I got my first job literally
shoveling manure for $3 an hour. And I came home one day and I
think I counted up six dollars worth of quarters. And at the time it was
more money than I personally had ever seen. And ever since that moment, I was
like, all right, I’ve got to make millions of dollars. I’ve
got to be successful. I’ve got to get my money right. And I’ve been on that track ever
since I started making money online when I was 15. And then I started
investing at age 19. But I really just, through reading
books, listening to podcasts and watching YouTube videos, I really just kind
of had to figure it out and learn as I go. When I
first got into the commercial insurance business, I had a salary of $50,000
and I was making 9% commission on sales. After my first month with that
firm, I actually broke a record for the most amount of appointments
set via cold call. After about nine months with that firm
and doing really well there, my base salary went up by about $4,100
per month and my commissions went from 9% to 40%. When I was 12 years old, I had
the goal that I wanted to become a millionaire by the age of 30 and
after working like crazy and investing and acquiring properties, our net worth crossed $1.2 million when we were 25 years old. Some other things I refuse to spend
money on will probably be eating out and movie theaters, but only because I
know how to get paid for that. I’m so frugal that I can’t
fathom spending money on that stuff. So in my mind, it makes sense to get
it for free and get paid to do it. They will hire mystery shopping firms
to find independent contractors like me to basically go pose at their
establishment as a regular customer, buy their product or service, and then report
on that product or service when you get home on an online platform,
and when you do that, you get reimbursed for whatever you bought. Plus, typically some profit
on the top. We have a punchcard, so our free coffee
is adding up to an additional free coffee. So it’s like compound interest
basically just on free stuff, which is mind blowing. When I was in college, I was
completely broke and my wife now but girlfriend at the time, I wanted to take
her out, but I didn’t have any money. It took me two months of saving
just to take her out on our first date. And two weeks later, I
got a check in the mail. And ever since then, we’ve been
going to different restaurants and hotels, resorts, casinos, getting paid for all
of that and getting reimbursed for what we spent life to date. We’ve made just over
$30,000 by secret shopping. The best part is it’s
stuff we would otherwise do. I grew up in Washington State. I met my wife in college. Although our net worth is seven figures, we
don’t do a lot of the typical things that most people
envision millionaires doing. We share one car, which
is a 2009 Ford Focus. We are super frugal and you know you’re
a real estate guy when you have $4.5 million dollars of cash-flowing rental
properties, but you spent $12 on your wedding ring made
completely out of rubber. I am not a showy or flashy guy,
but I do want the Tesla Roadster. I don’t want it to go floss
on Instagram or for anything like that. I want to because it’s the
fastest car in the world. I’ve got a lot of places to
be and zero time to waste. Personally, I would be OK flying first
class and doing stuff like that. My wife won’t let us or she doesn’t
let us fly first class even though we could very easily. So we’re just, we’re very frugal. We’re not cheap, but we would just
rather spend money on things that also make us money. We don’t really
like spending money on expenses. We could probably actually retire
now if we wanted to. But our goals are so
much loftier than that. I want my 6,000 apartments by the age of
60, so I don’t know if I’m ever the type of person to truly
retire in the traditional sense. If anything, I want to spend a little
bit more money on my wife to surprise her or do something special for her,
but she is so frugal that it usually doesn’t go over well. So I ended up taking it
back and doing something else entirely. So this is going to freak
a lot of you out. And Dave Ramsey, if you’re watching,
don’t have a heart attack. I have 13 credit cards and
I actually collect credit cards. Now, I don’t carry balances
on any of them. I use a strategy called credit
card churning, which is basically opening up a new credit card, taking advantage
of that new account bonus, paying it off completely and then rinse
and repeat with the next card. When we were converting our garage apartment
into the Airbnb, I knew that there was gonna be
some expenses with that. So I opened up a new credit card
where if you spend $1,000 in the first three months, you get $200 cash back. Now, I’m not telling anyone to go out
of the way to spend $1,000 to make $200. Otherwise that’s an $800 loss. We would have spent that $1,000 anyway,
so we might as well take advantage of the $200 and we can get cash back. I used to box in high school,
I was a boxer for two years. Now my wife won’t allow me to compete,
but I still do training when I can. My MMA gym is $100 per month and
although that’s a little bit more, it’s still well worth it for
the training that I’m getting. Our L.A. fitness gym membership is $30 per
month and that is well worth it because your health is your wealth. It doesn’t make sense to be
the richest man in the graveyard. So we’ve got to keep going to the
gym and taking care of our bodies in the next couple of years. My wife and I do want to start a
family of our own and being in that position of just knowing that we can
pay for their college wherever they go and we can go on the family
vacations, and the biggest thing is being able to be there and
be a present father. I think is huge. It’s a huge blessing that we’ve been
able to accomplish everything that we have so far.


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