Acting is an industry where you must manage your finances diligently, keep accurate records, and stay aware of your expenditures to prevent financial exploitation.

“You know record it, mark down every dollar, you know, keep track of it, you know, stay on top of it. you know, know where you're spending your money, how you're spending your money. I I think technology today is getting stronger and stronger in where you can't hide money like you used to.”

Young people earning significant wealth should prioritize living below their means and carefully monitoring all financial activities to avoid being taken advantage of by others.

“go slow and yeah, live live below your means. I mean, if you could have your family involved somehow, like people that you really trust to monitor things, I think that is helpful. Um, and make sure you're looking at your finances, like everything that's going out”

Mel prefers to live modestly and delay major lifestyle upgrades despite future increases in household income.

“Part of the plan that we've come up with is that when Bobby takes on this higher paying job, we are going to continue living how we currently are for at least two or three years until all the loans are done and then we can think about a mortgage, new cars, etc.”

Living within one's means by avoiding debt and owning assets outright is a superior financial strategy.

“I have never ever one day in my life had a car payment. Not one day in my life had a car payment cuz what made me feel good was knowing, okay, that is the car that is the car that I had in college. I will admit that. It's not a great car, but I own that baby. I I had no payments.”

She views their current high income as a temporary, non-permanent situation, leading her to prioritize safety and debt elimination over investment.

“I just feel like it's it's not realistic that we'll do this forever so this money is not forever and so it's hard to build an expectation for your life when you don't have your real numbers”

The primary objective of real estate investment should be generating consistent cash flow rather than focusing on short-term market timing or appreciation.

“but I'm a cash flow guy. I like infinite returns like you were talking about earlier.”

Cash flow prospects are gradually improving for long-term rentals due to rent growth and the ability to find better inventory.

“The next one might surprise you, but cash flow is actually getting better. If you think about a correcting market like the one that we're in, even if home prices in your local market are staying stagnant, but rents are continuing to grow, which on a national level they are.”

Increasing passive income from assets is the best way to address expenses and improve one's standard of living.

“I think investing, if most people could choose it and they had the education to do it, I they think they choose passive income from assets to solve that problem.”