Achieving Financial Independence & Living The Life You Want W/ Mike Rosehart
This was an amazing episode. You see, a few months ago I was introduced to the idea of the FIRE movement by one of my former professors at Insead, and I found it such an amazing movement and idea. Financially Independent, Retired Early is a movement of people that are obsessed with finding out smarter ways to live and invest, so that they don't have to worry about money – which means that they can do whatever they want with the rest of their lives, whether that is being with family, volunteering, or running a business.
So, I talked to our past podcast guest Diana House, and I asked her about who do I want to talk to in the personal finance space that is a rockstar – and that's how I was introduced to today's guest.
His name is Mike Rosehart. Mike is a 26-year-old early retired, self-made millionaire, with a young family, who unlocked financial independence at the age of 24 through Real Estate investing and extreme frugality.
In fact, he bought his first property at the age of 19 (in 2012), while still in university studying business finance, and scaled up to build a 15 property portfolio in 2017 that cash-flowed over $12,000/month (net) in London, Ontario, Canada.
Now, here's the interesting thing. Mike did not come into the world with a silver spoon in his mouth. In fact, he was raised by a single parent, he was at the poverty line in his home country (Canada), and he had to work and grind to make all this happen for him.
How does someone go from being at the poverty line to being a multi-millionaire in just a few short years? Well in this episode we are going to learn about that, but more importantly, we are going to learn why Mike did all that, what does Mike work on, and why is he so invested in giving back.
And here's what I think is so cool about this episode and about Mike. He doesn't have anything to sell you – in fact, he doesn't care if he doesn't make a dollar off of you. He is able to do the things that he is passionate about, like come on the podcast and share his wisdom out of his own kindness, just because he is set for life.
I think that is so cool, and I wonder what the world would look like if more people could just do what they wanted, giving back to others, doing things of kindness, or just learning and improving and growing the world, just because they didn't have to worry about money.
Now, of course, I pitched Mike to create a course for all of you just because he has so much knowledge to offer! In the meantime, I have to say that I really enjoyed this episode, and I know you guys are really going to enjoy it as well.
In this episode, we discuss:
- How did Mike Rosehart get here? [6:00]
- The main idea of how you can achieve financial independence [7:30]
- How does Mike's life look right now? [8:40]
- How does Mike approach real estate investments? [11:10]
- What are some ways that you can get started with real estate? [13:05]
- How did Mike learn so much about real estate at such a young age? [17:45]
- Using frugality and acceleration to achieve success in real estate [22:15]
- The importance of rebalancing your portfolio [24:10]
- How come Mike is not diversifying in other locations? [28:20]
- What to do when you have no competitive advantage in a real estate market [30:30]
- How can you form a team to start with real estate? [31:45]
- What does retirement mean for Mike Rosehart? [36:00]
- The mindset & psychological hurdles that we face when we try to achieve financial independence [41:35]
- Does Mike think he'll ever go back in building something big? [45:50]
- What are some other things Mike does to perform at a high level? [49:40]
- Mike Rosehart's final takeaway message [51:00]