The Kickass Entrepreneur
  • About
  • Blog
    • All Blogs
    • Create Wealth (Investing)
    • Entrepreneur Interviews
    • Featured Top Posts
    • Growing Profits
    • Growing Revenues
    • Marketing
    • Positive State of Mind
    • Real Estate Investing
    • Retirement
    • Sales
    • Selling your Business
  • Book
  • Courses
  • Podcast
  • Resources
  • Contact
The Kickass Entrepreneur
Subscribe
The Kickass Entrepreneur
  • About
  • Blog
    • All Blogs
    • Create Wealth (Investing)
    • Entrepreneur Interviews
    • Featured Top Posts
    • Growing Profits
    • Growing Revenues
    • Marketing
    • Positive State of Mind
    • Real Estate Investing
    • Retirement
    • Sales
    • Selling your Business
  • Book
  • Courses
  • Podcast
  • Resources
  • Contact
  • Featured Top Posts

14 Wealth Building Secrets You Need To Know

  • October 11, 2022
  • 43.4K views
  • 5 minute read
  • Jeff Wiener
Wealth Building Secrets
Share
Tweet
Share

Don’t forget to kick the tires. And no, that’s not one of the wealth-building secrets! But, let me explain.

It was the summer of 2008, and I had decided that I was ready to expand my investment portfolio into real estate. More specifically, I wanted to purchase my first apartment building. My timing couldn’t have been worse, or better, depending on which way you want to view the situation.

wealth building secretsOK, let’s rewind even further: I was exposed to the apartment building business as a young child. I vividly remember visiting the small apartment buildings my grandfather owned in the early to mid-1970s. He was a European immigrant who arrived in North America in the early 1950s with a suitcase, a wife and child, and a few dollars in his pocket. He didn’t speak English when he got here, which made the transition all the more difficult.

Luckily, he found a job as a butcher, but it wasn’t an easy life. Still, he saved every penny he could and ended up putting that money into apartment buildings. Real estate became his salvation from the countless hours he spent chopping meat, taking orders, and waiting on customers in the butcher shop. Although I didn’t understand it at the time, I later grew to appreciate what it meant to own an income-producing real estate property.

My grandfather, who came from a different generation, of course, refused to hire out any of the work that needed to be done to his properties. Every time we visited his buildings, which I always enjoyed because it meant spending time with him, he would pull out his paintbrush and do a minor touch up, replace the lightbulbs or lay down new tiling, weed the garden or fix the toilet, and let’s not forget collecting the rent …The thing is my grandfather wasn’t a handyman—he was a butcher with a paintbrush. Nothing ever looked perfect, but he took tremendous pride in his buildings and the small real estate portfolio he had created.

When we were together, he would explain as best he could in a nonbusiness way—his heavy European accent not making it any easier— concepts like mortgage, income, the building of wealth through real estate investment, and, generally, his perspective on business and money. Three things made his eyes twinkle: 1) speaking of my grandmother, his princess, 2) his family, and 3) his buildings. He was my inspiration, and with that experience in mind, I knew that someday I, too, would get into the real estate market.

As all of my readers will know, I eventually did get into investment real estate. I bought four apartment buildings in fact, three in Toronto, and one in Miami, all between 2008 and 2011. I started a telecom business in 1991 and sold that business to private equity in 2017.

The life, business and wealth-building secrets I learned from my grandfather when I was a child were taken with me into my own business career.

My grandfather wasn’t a particularly rich man, but considering he dropped out of high school when he was in grade 10, made his way out of Germany to Canada in 1952 with no knowledge of the English language, and then retired at the age of 56 only 20 years after he arrived classifies him as a wise man.

And so I learned the following 14 business, wealth, and personal living rules by watching and listening. To be fair, these 14 are not all from my grandfather. Some are from my father, and a couple are my own.

14 Wealth Building Secrets and Business Building Rules

1. Your word is your bond. When you make a promise and you shake someone’s hand, that’s as good or better than a signed contract.

2. You will live and die by your reputation. If you compromise that, in any way, by stealing, deceiving, or lying to someone, that will come back to haunt you many times over. Be honest and forthcoming in everything you do.

3. Live well below your means. If you look after your pennies, the dollars will take care of themselves.

4. Save 20% of every dollar you make. Invest that 20% wisely.

5. Debt, if not used for creative business expansion and leverage, will kill your wealth. Good debt is leverage. Use it strategically. Bad debt is borrowing to live beyond your means and then putting that debt on credit. Avoid bad debt at all costs.

Man Kicking Tires6. Kick the tires when you buy a car. I always got a laugh out of this one. He actually did that.

7. Cash is king. Always have spare cash put aside in order to take advantage of opportunities when they arise. And opportunities always arise. (Incidentally, I wrote a book called The Kickass Entrepreneur’s Guide to Investing, which you can download for free by visiting here. I address this very point in my book).

8. The customer is the boss. Don’t ever forget that. They pay your bills. Treat them with respect. No customers mean no business.

9. Don’t be afraid to make mistakes. Go ahead, take risks, and make mistakes, because therein lies success.

10. Work hard no matter what you do. Give it your best, show up on time, be the first one in and last one out, and work harder than anyone else. Incidentally, my grandfather arrived at his butcher shop at 3 a.m, and my father arrived to work at 5 a.m. every workday.

11. Always surround yourself with experts and trusted advisors.  No matter what you do, you should always have an amazing doctor who you can call at any time. Then, a lawyer and accountant are always important for business and life transactions.

12. Always keep busy. There’s an expression, idle hands make the devil’s work.  Find interesting projects to keep yourself engaged, both while you’re working, and even when you’re retired.

13. Treat your wife like a princess and take care of your family. These are the most important relationships you will ever have.

14. Take care of your body and mind. You only get one.

My grandfather passed away in 2003. My grandmother, his princess, is fortunately still alive and healthy at 97. She’s living on her own, still watching her pennies, and following my grandfather’s wealth-building secrets.

** The image below is of me, my son, and my grandparents were taken in 2001.

If you liked this post, you might also like this one: Here’s How To Buy An Apartment Building And Make A Whopping 110% In Three Years.  You should also consider subscribing to my blog. I publish one article a week on small business and wealth creation.  You can subscribe here.

Also, I published a book during the summer of 2018, “The Kickass Entrepreneur’s Guide to Investing, Three Simple Steps to Create Massive Wealth with Your Business’s Profits.” It was number 1 on Amazon in both the business and non-fiction sections. You can get a free copy here.

*** The first few paragraphs of this blog on wealth-building secrets were excerpts from my book, The Kickass Entrepreneur’s Guide to Investing which you can download for free.

Thank you for your interest in THE KICKASS ENTREPRENEUR'S GUIDE TO INVESTING. Three Simple Steps to Build Massive Wealth with your Business's Profits. Please check your email to confirm the book download. Form: 400529

There was an error submitting your subscription. Please try again.

Related Posts:

  • How Do You Grow Your Wealth in 2021? My 5 Step Plan to Building Wealth
  • Building Wealth Through Passive Income and Business Ownership
  • 5 Simple Steps to Building Long-Term Wealth that Anyone Can Do
  • 11 Most Effective Wealth Building Strategies Used by Personal Finance Pros…
  • Canada Net Worth Brackets, Percentiles, Top One Percent in Wealth, and…
  • 6 Secrets Of Designing Amazing Print Projects
Share
Tweet
Share
Related Topics
  • Creating Wealth
  • Featured
  • Kick the Tires
  • Secrets from a Grandfather
  • Wealth Secrets
Jeff Wiener

Jeff sold his company to private equity in 2017 and is now semi-retired. Jeff spends time traveling and with his family, writing this blog, managing his real estate portfolio of apartment buildings,  overseeing his investment portfolio, investigating angel investments, coaching other entrepreneurs, and managing his private equity holdings. Jeff is currently on a couple of boards, one for profit, the other not for profit, and now helps entrepreneurs grow their business, profits, and ultimately, create wealth.

Previous Article
innovation
  • Business

Innovation is Stalling in the Online Gaming Industry

  • October 11, 2022
  • Meg Rivera
View Post
Next Article
three lawyers inside an office
  • All Blogs

7 Ways a Car Accident Lawyer Can Help Your Case

  • October 11, 2022
  • Meg Rivera
View Post
You May Also Like
Protect and grow my wealth
View Post
  • Featured Top Posts

How I Protect and Grow My Wealth With These 8 Simple to Understand Concepts.

  • October 15, 2022
  • Jeff Wiener
Become a Decamillionaire
View Post
  • All Blogs
  • Create Wealth (Investing)
  • Featured Post for Main Menu
  • Featured Top Posts

How to Become a Decamillionaire, Grow your Net Worth to $10 Million, and Join the 1% Club

  • August 1, 2022
  • Jeff Wiener
what net worth makes you rich?
View Post
  • Featured Top Posts

What Net Worth Makes You Rich? The Average Net Worth to Make it Into the Top 1% and How to Get There

  • June 4, 2022
  • Jeff Wiener
Investing in apartment buildings
View Post
  • Featured Top Posts

How Do You Make Money Investing in Apartment Buildings?

  • January 10, 2022
  • Jeff Wiener
Entrepreneur Semi-Retirement
View Post
  • Featured Top Posts
  • Retirement
  • Selling your Business

My Journey Post Business Sale as I Sail Into a New Harbour. The Next Stage, Entrepreneur Semi-Retirement, and Life Post Business Sale

  • December 14, 2021
  • Jeff Wiener
business challenges
View Post
  • Featured Top Posts

8 Business Challenges Every Small Business Struggles With and How to Overcome Them

  • December 11, 2021
  • Monica Serreon
Sell me this pen, Wolf of Wall Street
View Post
  • Featured Top Posts

Sell Me This Pen. I Tackle the Wolf of Wall Street Sales Riddle. Do You Know the Right Way to Sell the Pen?

  • December 8, 2021
  • Jeff Wiener
Why Small Businesses Fail
View Post
  • Featured Top Posts

Why Small Businesses Fail And What You Can Do To Succeed

  • December 5, 2021
  • Jeff Wiener

Join 6,472 Entrepreneurs That Get My Business Building and Wealth Creation Posts by Email

I can teach you how to build a successful, profitable business, and turn that into millions in personal wealth.

Thank you for your interest in THE KICKASS ENTREPRENEUR'S GUIDE TO INVESTING. Three Simple Steps to Build Massive Wealth with your Business's Profits. Please check your email to confirm the book download. Form: 400529

There was an error submitting your subscription. Please try again.

We won’t send you spam. Unsubscribe at any time.

Recent Posts
  • Logistics Software 1
    Accelerating Your Business Growth: The Role of Logistics Software Development
    • March 20, 2023
  • crude oil 2
    Energy Futures: What to expect in 2023
    • March 17, 2023
  • man writing on board 3
    What is the Difference: Lead Scoring vs. Nurturing
    • March 17, 2023
  • group session 4
    Managing Wealth: 4 Reasons You Need to Opt for a Money Management Company
    • March 17, 2023
  • BUSINESS 5
    Planning to Start a New Business Abroad? These 11 Tips Might Help!
    • March 16, 2023
Featured Posts
  • Become a Decamillionaire
    How to Become a Decamillionaire, Grow your Net Worth to $10 Million, and Join the 1% Club
  • how to become wealthy
    The Entrepreneur’s Secret to How to Become Wealthy and Build a Personal Fortune
  • Most Profitable Small Businesses
    27 of the Most Profitable Small Businesses to Open in 2023
Categories
  • All Blogs (1,034)
  • Business (220)
  • Canadian Financial Products (4)
  • Create Wealth (Investing) (131)
  • Entrepreneur Interviews (25)
  • Featured Post for Main Menu (4)
  • Featured Top Posts (23)
  • Finance (55)
  • Financial and Investment Calculators and Economic Data (114)
  • Fitness (5)
  • Growing Profits (72)
  • Growing Revenues (70)
  • Growing Revenues (115)
  • Marketing (139)
  • Millionaire and Business owner interviews (3)
  • Positive State of Mind (68)
  • Real Estate Investing (17)
  • Retirement (13)
  • Reviews (12)
  • Sales (15)
  • Sell Me This Pen (8)
  • Selling your Business (13)
  • Starting a Business (1)
  • Startup Ideas (14)
  • Technology (112)
  • Top Products (4)
  • Uncategorized (54)
Follow us
Author
Jeff Wiener
Jeff sold his company to private equity in 2017 and is now semi-retired. Jeff spends time…

    CHECK OUT MY BLOG, AND SUBSCRIBE

    about
    The Kickass Entrepreneur

    Expand Your Business, Improve Profits, Create Wealth

    Expand your business, improve your profits, and create wealth. Each one of the three can be elusive goals. Follow the right steps, and you, too, can create financial independence. It is possible … you just have to take the right steps.
    NAVIGATION
    • About
    • Blog
      • All Blogs
      • Create Wealth (Investing)
      • Entrepreneur Interviews
      • Featured Top Posts
      • Growing Profits
      • Growing Revenues
      • Marketing
      • Positive State of Mind
      • Real Estate Investing
      • Retirement
      • Sales
      • Selling your Business
    • Book
    • Courses
    • Podcast
    • Resources
    • Contact
    TAGS
    apartment BATNA Business business failure business growth business sale Capitalization Rate CAP Rate cash cash flow Creating Wealth Discipline entrepreneur entrepreneurship excel extra cash Featured goal setting Growing Business investing investment real estate M&A marketing Marketing KPIs Mergers and Acquisitions | M&A | Entrepreneur Blog Millionaire millionaire next door mistakes MUR Peter Principle Profit profitability real estate retirement revenue Revenues sales sales management Semi-Retirement Blog | Entrepreneur Blog | Small Business Blog small business Stagnant stocks success Thomas Stanley wealth
    RECENT ARTICLES
    • crude oil
      Energy Futures: What to expect in 2023
      • March 17, 2023
    • deck of folders with insurance word on it
      Tips for choosing the right auto insurance coverage
      • February 17, 2023
    • holding laptop
      Tackling pros and cons of virtual reality tours when buying and selling houses
      • February 9, 2023
    • Rising gold prices concept. Investment in precious metals in the stock market
      The Pros And Cons Of Investing In Precious Metals
      • February 9, 2023
    • man looking at his tablet
      These Are The 7 Mistakes Six-Figure Earners Make
      • January 7, 2023
    • starting your own business
      6 Must-Know Tips For Starting Your Own Business
      • January 1, 2023
    The Kickass Entrepreneur
    • Coaching
    • Book
    • Blog
    • Contact
    • Privacy Policy
    • Terms
    • Disclaimer
    • Facebook
    • LinkedIn

    Input your search keywords and press Enter.