Three Secrets of the Wealthy with Rennie Gabriel – Episode 62

Join Rennie Gabriel and me and
discover “
Three Secrets of the Wealthy‚ÄĚ

ūüďĘ After to divorces and a business failure, Rennie went from broke at age
50 to multi-millionaire after learning the three secrets of the wealthy (despite failing high school math).

He now donates 100% of the profits from his online programs to a charity that trains rescue dogs for wounded soldiers. His award winning, best-selling book, Wealth On Any Income has been translated into eight languages.

ūüĎČ To get Access to Rennie‚Äôs Gift, The Roadmap to Complete Financial

Choice (TM), visit


  • Focusing on building net worth rather than paying off debt is a secret of the wealthy.
  • Many people have not learned the foundations or fundamentals of handling money effectively.
  • Financial education and entrepreneurship are essential for creating lasting wealth.
  • Paying yourself first and saving a percentage of your income can lead to significant savings over time.
  • The myth that paying off debt before building net worth is a misconception that can hold people back from achieving financial success.


We are pleased to provide these show notes to make this podcast more accessible to those who prefer to read.

Please note that this is an automated transcription and may contain errors.


 Mostafa Hosseini  00:02


We’re live Welcome. My name is Mostafa Hosseini, your host for the show. At daily confidence we share tips, strategies, and actionable advice that you could use to boost your confidence around different areas of your business, whether it’s finance, whether it’s sales mindset, you name it, we’ve got experts that we bring into that they will share strategies with you.


Now, this episode is sponsored by precise to precise specializes in helping Coaches and Consultants create and implement their one page marketing plan in three days or less. And they’ve got this course coming up simple marketing formula, where you can create and implement your one page marketing plan in three days or less.


I’m going to share the link here in the comments if you wanted to check it out and how to learn how to create an implement your one page marketing plan with a group of entrepreneurs and do it there. Now I have an amazing guest. My guest is rainy Gabrielle welcome, ready.


Rennie Gabriel  01:10

Thank you, Mostafa. Great to


Mostafa Hosseini  01:13

see you. And today we’re talking about three secrets of the wealthy. Which favorite topic, we’re talking about money. And I love talking about money. What one is, well, I love making money. And it’s a topic that not too many people actually talk about it especially like on podcasts. Like it’s not a conversation, people run around and be like, Hey, let’s talk about money. Right?


So having having the right mindset around money is amazing. So welcome, Ronnie. How’s your day going so far?


Rennie Gabriel  01:48

It’s going great. It’s busy, and I’m getting stuff done.


Mostafa Hosseini  01:51

Beautiful. So I’m going to do a proper introduction for ready and then we’re going to dive right into it. After two divorces in a business failure, Rennie went from broke at age 50. To multi millionaire after learning the three secrets of the wealthy, despite failing high school math, so he’s probably not very good at math.


He now donates 100% of the profits from his online programs to a charity that trains rescue dogs for wounded soldiers. His award winning best selling book wealth on any income has been translated into eight languages. Welcome, Ronnie.


Rennie Gabriel  02:32

Oh, thank you, Mostafa.


Mostafa Hosseini  02:34

Great to see you. How’s your day so far?


Rennie Gabriel  02:37

Terrific. And I enjoy talking about the three secrets of the wealthy because that’s all there really is. It’s not a complicated process. And, you know, as an example, for your listeners, what I learned from wealthy people, as an example, was not to focus on paying off debt, but to focus on building my net worth instead.


And I would if I would have done what my CPA and other financial gurus told me to do or tell other people to do. I’d still be struggling over money and not be a multimillionaire. Yeah, I’d still have to work to support myself and wouldn’t be able to donate 100% of my business profits to charity.


Mostafa Hosseini  03:26

Absolutely. So, Randy, what’s your story? How did you get into doing what you’re doing now?


Rennie Gabriel  03:33

Well, struggling all my life over money, I realized, I want to have a solution. This is painful. At one point, things were so bad. I actually had to collect soda bottles and cans to get the refund money to buy food for my family. Wow. Yeah. So I when I say I know what it’s like to have no money. I mean, no money.


Mostafa Hosseini  03:57

It’s really mean.


Rennie Gabriel  03:59

Yeah, I really mean it. So at this stage of life, to not have to work for a living, to donate 100% of the profits from teaching other people how to handle money powerfully. You know, I’m just very blessed.


Mostafa Hosseini  04:11

Love it. Love it. So, what do you do these days? And who do you serve?


Rennie Gabriel  04:18

Primarily, I serve other entrepreneurs, coaches, authors, speakers, corporate trainers, contractors, realtors, primarily, I would say, My practice is limited to only working with people who have to handle money.


Mostafa Hosseini  04:36

Work with coaches, entrepreneurs, authors, and the rest of them who need to or do handle money. And what do you do for them? What do you teach them? Or


Rennie Gabriel  04:46

the foundations, the fundamentals? The reality is, this is not taught in school. Teachers can’t teach what they don’t know or haven’t learned. Parents can’t teach what they’ve never learned or what they don’t know. So what I found is nine out of 10 people have never learned the foundations or fundamentals of handling money effectively. That’s where we start.


Mostafa Hosseini  05:09

Man, I wonder if there are there any any schools or any private schools even that teach like money skills, money mindset or life skills that are not taught in other schools? Do you know?


Rennie Gabriel  05:23

I’ve asked this question to literally 1000s and 1000s of people. And a few people have said they learned it in school. They had taken a class where the teacher emphasized this, but the reality was, there was no coordination in terms of the school district providing it, or the school system providing it. It’s just they lucked out in taking a class from a specific teacher who wanted to pass these skills on.


Mostafa Hosseini  05:52

And it’s a it’s an essential skill,


Rennie Gabriel  05:57

right? That’s why I say I only work with people to handle money. The reality is, that’s everyone.


Mostafa Hosseini  06:03

Yeah. Yeah. Yeah. It’s like, it is nice for me to study geography and history and all that. But it probably doesn’t pay my bills.


Rennie Gabriel  06:16

Exactly. You’re not going to pay your mortgage with what the size of Liechtenstein.


Mostafa Hosseini  06:22

Exactly. So what are some of the myths that people believe around money?


Rennie Gabriel  06:30

Oh, well, I alluded to one of them in my opening comments. And that is the idea that people believe they should pay off consumer debt or credit card debt, before they begin building their net worth, or saving or investing.


That I’ll give myself as an example, when I was age 50, and broke, I had credit card debt, I didn’t even have a good credit score. But what I was doing was taking another concept of the wealthy and paying myself first, and you’ve probably heard of that, most of your listeners have probably heard of that. It’s irrelevant that they’ve heard of it.


Because unless they’re doing it, the fact they know about it doesn’t mean anything, right? Knowledge is the booby prize. So I was paying myself, I was earning 5000 a month, it’s not a lot of money. That’s why the book is titled wealth on any income. I’m setting aside 10% or $500 a month, I’m buying some individual stocks with that, in three years, I saved up $18,000 that 18,000 could have paid off my credit card debt.


And had I paid off my credit card debt. When the opportunity came along to buy a three unit piece of real estate, I wouldn’t have been able to do it. I’d have had no debt. And I would have still been struggling and have no net worth. Instead of having millions of dollars, like I have, I have just had no debt. Hmm.


¬†So the there should not be a focus on paying off credit card debt. That’s the biggest myth of all. The next one is small amounts of money don’t count. They do count. As an example, people go to Starbucks and buy a, you know, some food drink and a muffin, spend $10 a day and think it’s nothing, it’s $10 a day is not going to do anything.


Well, that’s $300 a month $300 A month, over 30 years, properly invested will create a $1 million portfolio $300 a month, $300 a month will create a $1 Million Dollar Portfolio if it’s invested intelligently.


Mostafa Hosseini  08:56

Very interesting. So small amounts of money do matter. Do count. What was the first one he covered again?


Rennie Gabriel  09:05

Focusing on paying off debt


Mostafa Hosseini  09:08

first. Okay, and what’s the third one?


Rennie Gabriel  09:11

The third one happens to be it’s funny is that you need a good credit score to create wealth. Like I said at age 50. I didn’t have I had credit card debt. I didn’t have a good credit score was falling my second divorce.


But what you can do and what I did is I aligned myself with my third wife and this realtor who had good credit scores. And together we purchased real estate. So their credit scores were used to purchase the real estate. I mean, I was added to the loan but the bank didn’t care about me. My credit score was lousy. So you don’t need a good credit score to create wealth.


Mostafa Hosseini  09:57

So what should people do with their debt on their credit card? other debt? How do you deal with that? While let’s say, somebody is watching today, they’re like, You know what, I want to start doing this, but I got 1015 $20,000 in credit card debt. How do we go about it? How do we get started? what’s what? What’s the thinking around it?


Rennie Gabriel  10:17

Okay, I’m going to can I put you on the spot? Sure. Okay. So have you heard of the expression? Pay yourself first?


Mostafa Hosseini  10:25

Yes, that was my other question. What exactly do you mean by that?


Rennie Gabriel  10:28

Oh, that’s a great question, because I was going to ask you to explain it. So you’ve heard of the expression, just like most people have heard of it, right? One, nine out of 10. People can’t explain it. And nine out of 10 people are not implementing it. And when you when you’re talking about getting rid of the debt, that’s what you do instead, so I’m going to explain it. Okay. I said, I was earning 5000 a month.


And setting aside $500 a month, that $500 a month is what I was paying myself first with setting it aside, that I would never spend. And I was investing it. And that investing is what gives me the passive income. So I don’t have to work for the rest of my life. So paying yourself first means you’re first in line, you’re not paying the grocer, you’re not making the car payment, you’re not making the mortgage payment, that’s money you’re setting aside to keep for the rest of your life. In addition to that, you want to set aside some money to spend later, maybe another five or 10%.


The reality if someone lives on 80% of what they’re earning, and I don’t care if there’s, they’re a business owner with a volatile income, they’re getting a paycheck. If they live on 80% of what comes in. Everything will work out. They can make the payments on their credit cards, they can make their mortgage payment, they can buy their groceries, and everything else will work.


Mostafa Hosseini  12:04

Love it. Now, gang if you’re watching a lesson or listening, Randy and I are talking about secrets of the wealthy. If you have any questions about money, money mindset, and the rest of it, pop it in the comments, and we’ll do our best to answer your questions. Now, Ronnie, here’s a curious question. Let’s say that my income doesn’t cover my expenses right now. And I’m guessing that’s a common question.


Rennie Gabriel  12:32

Yes, it is. And I’ve, I’ve had people say that, go ahead.


Mostafa Hosseini  12:37

Let’s say that I’m earning $3,000 a month and my expenses are $5,000 a month. How do I go about this? Do I wait until my expenses are less than my income? Or what’s the strategy around that?


Rennie Gabriel  12:53

It’s so funny. This is gonna sound completely counterintuitive, okay. But I had a psychologist, that was a client. And she said something well, and an attorney, I’ll go back to the attorney, because the attorneys income was 5000 a month. But his expenses were 5500 to 6000 a month. So he was short 500 to $1,000 a month to cover his expenses. Right?


And I said, you need to pay yourself first. He said Rennie you’re not listening to me. I can’t pay myself first. I can’t even meet my expenses now. Right? So I said, Okay, let’s say you’re short $500 a month. And you set aside $250. To keep for yourself as though as though you deserve to own some of the money you’re working for. Now, let me ask you this.


You’re short 500 a month, you pay yourself first. Now you’re short 750 a month. I got to figure out how to say this Clean Language, which is not what I did with the attorney. How the heck does it matter that you’re short? 750 or 500? Does it really make any friggin difference? And he said, No, I’m sure either way. I said exactly. But now you’ve got $250 That’s yours. Like you deserve to have something and just do it and see what happens.


Guess what? Now that he recognized he wasn’t a conduit for the money coming in one hand and going out the other. But he could actually keep some of it. He started earning more money. And he started earning more money than his expenses because his mind shifted to if I make more money, I will actually have something to show for it.


Whereas before the thinking was, it doesn’t matter how much I earn, I’m not going to have anything. All I can do is cover my expenses, I will end up with anything anyway. So what does it really matter? That was his thinking. So until he took different actions, his thinking couldn’t change.


Mostafa Hosseini  15:19

So would you then suggest someone that is in that situation, which I think there are a lot of people out there that you know, that situation? So let’s say that I put set aside $250 a month? What happens next for people that cannot think it through?


Rennie Gabriel  15:35

When you start paying yourself first, like you deserve to have some of it, you start looking at? How do I generate more money? Where can I trim expenses, and make it work out better, you start to look at those things that aren’t working.


And by the way, one of the things I haven’t said, and this is really important, I kind of alluded to it with when I talked about buying the real estate with my wife and this realtor. I didn’t say that wealth creation is a team sport, not a solo sport. No one has to do this by themselves. They can enroll a co worker or a family member, someone else they can trust, who doesn’t give them flak in supporting them through the process. And the way that I’ve seen this work is two or three people support each other to get out of the problem. Love it, and it works. You don’t have to do this by yourself.


Mostafa Hosseini  16:39

You know what, this is the first time that I actually hear something like this about money. Hmm. You know, first time Yeah, and I’ve read up I’ve attended many seminars and yeah, wow.


Rennie Gabriel  16:53

Well, that’s because most people who put on money seminars, most financial gurus are in it to make money more than they are to serve people. They’re there to serve people. But I’m turning it around. I’m here to serve people. Making money comes later, like Zig Ziglar used to say, if you help, if you help people just get what they want. You’ll get


Mostafa Hosseini  17:18

where you want. You’ve got to love it. And love it. What’s the difference? What’s been going I mean to credit cards and the rest of it? What’s the difference between good debt and bad debt?


Rennie Gabriel  17:30

Well, good debt is what the wealthy use to create a bigger net worth. And bad debt is consumer debt, like charging a meal on a credit card and paying it off over a few months. Anything that you consume, whether it’s a meal, groceries, an automobile, you use up an automobile to, I call that bad debt, bad debt will not create wealth for you. Good debt will.


As an example. I borrowed money well, myself and my partners, we borrowed money from the bank, in addition to our downpayment, to buy multi level, multi unit residential real estate, so I didn’t pay off the debt from the bank, guess who paid it off?


Mostafa Hosseini  18:18

They renter’s Exactly.


Rennie Gabriel  18:21

The renters paid enough friend, that we had a profit and made the mortgage payment, and the utility payments and everything else. And I walk my talk when I’m talking about taking care of tenants. Because through this entire pandemic, 100% of my tenants except for one, have paid 100% of their rent through the entire pandemic.


Mostafa Hosseini  18:44



Rennie Gabriel  18:45

how did you pull that off? Because I take care of my tenants, I treat them like they deserve to be treated as human beings. And they treat me like I deserve to receive my rents. Teresa


Mostafa Hosseini  18:58

That’s a good business. Business ethic. Yes. Right. Treat them like they deserve to be treated. So you’re not just taking their money.


Rennie Gabriel  19:09

Exactly. And there are others. Other people who own properties that don’t treat them that way. And their tenants decide to screw them. I find I have no sympathy for those landlords.


Mostafa Hosseini  19:21

Absolutely. Hmm. What’s the different Wow, how do the wealthy what? How is their attitude different towards money? The wealthy you know,


Rennie Gabriel  19:32

I realized I should give you all three secrets. And the biggest one is what you’re asking me about. It’s the attitude. So the wealthy the three thieves secrets are a foi, it doesn’t stand for American Film Institute. Yeah, I AFI. That’s the acronym stands for attitudes, aha forms and investments The wealthy do have different attitudes.


And I’ll give you an example. They look at the forms that most of us have seen, but they look at them differently. Like their net worth statement, or cash flow statement. And the investments, they’re not limited to stocks, bonds, and mutual funds. As an example, in the real estate category, there’s 20, there’s two dozen more than that different in real estate investment areas that are available. And I can go through that later.


But let’s get to what you asked about the attitude. I’ll give you one. Oh, and I’ll use the expression we already talked about pay yourself first, when a wealthy person hears familiar information, like pay yourself first, they don’t make a statement, like ordinary people do. They don’t say, Oh, I’ve heard that. Oh, that’s not new to me.


You know, doesn’t everybody know that? They don’t make statements. They ask questions. And the question start with words, like, when, when will I begin doing that? Or what like, Huh, what investments could I be making? Or where, like, Where does this apply to me? Or how? Hmm, pay yourself? How would I do that? Or who? Like, who could support me with that? So wealthy person asked questions, which lead to the answers which produce results.


The ordinary person makes a statement when they hear familiar information that leads nowhere.


Mostafa Hosseini  21:44

Interesting. So it’s about what’s happening. How do I make it happen? Instead of coming up with some dumb response? Like, oh, I’ve known that I’ve read a book. Or I’ve watched a YouTube video on that, when I know it pretty well. Yeah. But your results are not matching buddy. I love it. Love it.


Rennie Gabriel  22:07

So. So that’s one of the attitudes. I wrote a book recently called attitudes of the wealthy. I’ve listed over 30 attitudes that wealthy people have that ordinary people don’t like, it’s okay to talk about money. Ordinary people don’t want to talk about money.


They’re embarrassed, wealthy people talk about it, because they’re learning from other wealthy people, what they’re doing, that they may not be doing that they could be doing.


Mostafa Hosseini  22:37

Very interesting. Talking about money. So what’s up? What’s up? How do they, in what context? Do they talk about money?


Rennie Gabriel  22:47

All sorts of ways. What stocks they’re investing in? What real estate they’re investing in? How much they’re paying their assistant or other employees? What the the the salary ranges for different people that they might think about wanting to hire, that’s talking about money.


Mostafa Hosseini  23:10

So how they’re making money, what they’re investing in, what’s working, what’s not working? What are some opportunities out there? And they talk about it, all of that stuff. Don’t get all creative and intelligent and wise and say, Oh, I’m gonna keep it all to myself and, huh,


Rennie Gabriel  23:27

no, that’s not what they’re doing.


Mostafa Hosseini  23:30

Now, do these guys know or have some secrets that other people don’t?


Rennie Gabriel  23:37

Yeah, it would probably the three secrets are attitude forms and investments. But I’ll give you an example. With the forms. You and I might look at an our balance sheet that lists our assets, and lists our liabilities and say, Oh, look how much equity I have in my house. Yeah, a wealthy person doesn’t look at the asset form that same way.


They don’t look at the balance sheet. It like an ordinary person. They only look for what assets will generate an income. For most people, the house doesn’t generate an income generates expenses. There’s the insurance, there’s the utilities, there’s the repairs, there’s the maintenance. I mean, maybe they’re using it for Airbnb, but generally the house provides expenses, not income.


So they’re looking at what does produce an income. That’s all it matters, and is it producing at the level it could be? You know, if they have a large bank balance that’s earning next to nothing, maybe it should be allocated a little bit differently. Now, I don’t want to say people should not have a bank balance.


I mean, I have a multi six figure bank balance, but I have insecurities and When this pandemic hit, my wife and I looked at the bank balance and said, you know, what, if not one tenant pays rent, if not, in one investment pays dividends, if not one investment pays us interest. We still have enough money to last us the next two years. If no one pays us anything. That’s nice. Yeah. But that’s because I’m insecure.


Mostafa Hosseini  25:24

That’s because you’re insecure or secure, secure,


Rennie Gabriel  25:27

yes, insecure?


Mostafa Hosseini  25:29

What do you mean by that?


Rennie Gabriel  25:30

What I mean by that is,


Mostafa Hosseini  25:32

I mean, that’s pretty secure to me.


Rennie Gabriel  25:37

Well, as an example, I’m too insecure to have a job. People say, okay, that doesn’t make any sense. Well, if I had a job, and 100% of my income came from one source, and they went out of business, or they decided to fire me or lay me off, or merge with another company and make my position redundant, I’d lose 100% of my income. But I still have 100% of my expenses.


So when I say I’m insecure, I mean, I like to have a large bank balance. So I don’t have to worry if no one pays me. I don’t want to have a job. Because if I lose it, I’ve got no more income. So got it.


Mostafa Hosseini  26:23

So that insecurity is leading you to create security.


Rennie Gabriel  26:28

Exactly. Right. So


Mostafa Hosseini  26:29

you’re not like depending on one thing, and no, you’re not worried about, you know, multiple


Rennie Gabriel  26:34

streams of income. As an example, when I was building a pension administration company, we had 300 clients, we were able to sell it off to a public company. But what I’m getting at is, let’s say one of the clients said to me, you know, Randy, I think you’re a jerk.


I don’t want to do business with you anymore. So what? We still have 299 People still paying us.


Mostafa Hosseini  26:59

Very nice. That’s nice way to look, look at it. Hmm. Um, speaking of forms, and the wealthy people, how do they track their wealth?


Rennie Gabriel  27:13

Well, one of the good examples is the income and expense form. By the way, if any of your listeners want copies of these forms, I’ll send them out for free, they can go to my website, you know, log on to my, you know, go to wealth on any forward slash TEDx, they’ll see my TEDx talk, they’ll see a nine step roadmap to complete financial choice, they can send me an email, I’ll send these forms out for free.


Mostafa Hosseini  27:42

Let me actually post the link here, gang. So if you want to get a hang of these forums and get access to Reni TEDx talk, where he talks about his roadmap to a complete financial choice, go true. If you’re listening to this, go to wealth or, forward slash Ted x, t d x, and then you’ll get access to the form on our roadmap and everything else.


Rennie Gabriel  28:15

Exactly. So is an example. On the income and expense form on the left side where I talk about, where’s your income coming from? If someone has a job, they only have one number to fill in there. But what they’ll see is, there’s piles of other places where their income could be coming from interest income, royalty income, network, marketing, income, business, income, retirement income. Just a host of things I can’t even remember off the top of my head.


The point is multiple sources of income. So, you know, wealthy person looks and saying, Am I utilizing all the different sources? Where I could be having income?


Mostafa Hosseini  29:08

Mm hmm. Interesting. Interesting, huh. Now, when it comes to investments, I mean, we gotta pay ourselves first. Yeah. And we talked about, you know, securing 10% of now, let’s, let’s touch base on that, because I think a lot of people are unclear on that. If I have an X amount of money coming in, let’s say it’s five grand a month.


Fine. Do we pay ourselves based on percentages? Yes. Is it like 10% of whatever comes in, I put it in an account. And that’s my money. That is how I pay myself first.


Rennie Gabriel  29:48

That’s correct. Right. And now, I’ve had business owners say, Oh, yes, I pay myself first. I’m the first one to get a paycheck out of my company before I pay the other employees or the other expenses. That’s not how it goes. That’s not how it goes. Because with that paycheck, then they’re making the mortgage payment, the car payment, and the groceries and they end up with nothing. You’re okay, they got a paycheck, but they didn’t pay themselves first money that they’re keeping for the rest of their life.


Mostafa Hosseini  30:17

Here’s another technical question do for business owners? Do they pay themselves first on their on sales? 10% of sales? Or is it after expenses?


Rennie Gabriel  30:26

It could be either way. I had a building contractor, who when I was talking to about paying them himself first, he said, Well, Renea, you know, by the time I pay the vendors and the materials, and the office rent and the staff, you know, I can’t pay myself first.


And I said, Are you trying to tell me that you couldn’t take 1% from your gross revenue, and set that aside and cover your expenses? He said, Well, I guess I could. So I said, fine. I mean, his annual revenue was like, I don’t know, five $600,000 a year. So let’s say it’s 600,000. And by the way, I failed high school math. So let me do this


Mostafa Hosseini  31:06

slowly. I’ll be $6,000 on 1%.


Rennie Gabriel  31:10

Okay, but 600,000 would be divided by 12. Is 50,000 a month? Okay. So 50 That 1%? of 50,000? I don’t know, what is that? 500? Yeah, okay, fine. So I said, Are you trying to tell me if $50,000 comes in the door, you couldn’t set aside $500. So okay, I guess I could, well, six months later, he’d saved up $50,000. Because 1% was too little, it didn’t change anything.


Mostafa Hosseini  31:43

So he’s probably take out more and then he saves up more


Rennie Gabriel  31:47

exactly. Because he found out he could do more. But you got to get started before it can show up. And that’s that’s one thing that showed up. The other thing, he was very coachable. By the way, if I said, you know, you ought to do a 10 tax deferred exchange with this piece of property, you ought to sell this piece of property, you ought to rehab this piece of property, you want to buy wife for your flowers, for your flowers for your wife, it didn’t matter what I said, he just did it.


And in the six months we work together, his net worth increased by $600,000. To $100,000, a month increase. He just did what I said.


Mostafa Hosseini  32:28

That is interesting. Yeah, again, if you’re watching or listening, if you want any results, even half of that 1/5 of that results, a lot of people will be more than happy. Right? That’d be tickled pink. So do reach out the website is wealth on any forward slash TEDx.


Now, ready? For what I’ve learned over the years, once you take that money, that why don’t you pay yourself first, you’ve got to invest that money, you don’t just come out where do the wealthy invest?


Rennie Gabriel  33:08

The wealthy, like I said, are not limited to stocks, bonds and mutual funds. One of the major investments that I found for most wealthy people, including myself, is in real estate. And when someone says, you know, you can invest in real estate, they think, Oh, I’ll buy a house. Well, guess what? There’s two dozen different things besides a house.


¬†There’s multi unit residential properties, there’s office buildings, there’s office parks, there’s boarding care facilities, their student housing, their self storage facilities, there’s a triple net leases. I mean, I could just go there’s raw land, there’s trust deeds, you know, I mean, it’s just dozens in just investing in real estate. Mm hmm.


Mostafa Hosseini  33:56

And so what if I can’t really buy anything? With $500 a month? What do we do then?


Rennie Gabriel  34:05

That’s where that’s where I started. What I did was I bought individual stocks of companies on the Dow Jones Industrial 30. And I just buy one share of stock of a few different companies. And in essence, I built my own mutual fund. And that’s what I was doing with my 500 a month. Now, here’s what I think is fabulous. This was at the time of people investing in


Companies. And when the bubble burst, and people lost 30 and 40% of the value of their investments. I wasn’t doing that I was investing in companies, the blue chips, and I was pretty much even with all the money I set aside. I set aside $18,000 Over the three years I had $18,000 and other people lost 30 and 40%.


Mostafa Hosseini  35:05

Very interesting. So you would invest the money. So it’s not just staying as much as it is. Like, if you set aside $500 a month, you want it to put it in a in a something vehicle that would grow over time. Exactly. Even if it’s 1% a year or whatever, it’s still growing.


And it’s not. Because considering I think inflation, you want to put it in a place where it’s growing and, you know, turning into something,


Rennie Gabriel  35:34

yeah. Now, at this point, we have, you know, seven figures invested in the stock market. But what we’re doing is we’re not just waiting for the market to go up or down, we’re actively using the portfolio to generate an income with covered call option writing we’re making.


Let’s see, what is it trying to say, Hold on a sec, five figures a month in premium income from covered call writing.


Mostafa Hosseini  36:08

I have no idea what that means.


Rennie Gabriel  36:10

That’s okay. It’s what wealthy people do.


Mostafa Hosseini  36:13

All right. All right.


Rennie Gabriel  36:15

I mean, you know, there’s oil and gas investments, there’s equipment leasing. You know, there’s the real estate. I mean, there’s piles of things where the wealthy can put their money, besides stocks, bonds and mutual funds. And if they’re doing it in stocks, there’s a way of generating massive income, even if the stock market isn’t going up.


Mostafa Hosseini  36:37

Absolutely. Okay. So another technical question. So then once you have that 10%, let’s say $500, a month that you set aside, do you then divide that up into different portions and invested differently into different types of investments?


Rennie Gabriel  36:56

Yes, and no, one of the things that I do recommend when people are starting out, is that they might have to split that 10% into two areas, 5% each, and maybe it’s 5% that they keep for the rest of their life, and 5% to spend later on the things they weren’t expecting to have to spend money on, like the car breaking down.


The water heater reversing, whatever. So initially, they may end up having to split that. But the money that they’re setting aside and investing doesn’t have to go into different areas. I mean, $500, there’s not much you can diversify. It’s not like you can buy an apartment building, and stocks and an oil and gas investment.


Mostafa Hosseini  37:46

Got it? Guy. So I guess you have to build it up. Save up to it to a certain amount where you could do something with it. Yes. Or and at the same time work on increasing your income. So you could save more of it.


Rennie Gabriel  38:00

Exactly. And they both can happen at the same time. Right? Absolutely. When we were building the real estate portfolio, I mean, it took five years to go from three units to 55, zero units that we owned and managed. And it took that five years to go from $18,000 Being everything I had to having multiple multi millions. But hair was only five years.


Mostafa Hosseini  38:32

What do you say to people who don’t have the patience for five years, and they’ve cut? They’re like, I want to have it three months from now?


Rennie Gabriel  38:41

Go somewhere else?


Mostafa Hosseini  38:45

Yeah, but how do I convince them that that did long term weight is the way to go?


Rennie Gabriel  38:53

You may be able to, or you may not any more than you can convince someone to get a COVID shot, who believes it’s all a conspiracy. And the previous president of the country knew best. I’m sorry, I’m sorry to get political. But even though he didn’t think anyone needed a vaccine, he still got it. Yeah. Even Sean Hannity is saying it’s time to get vaccinated. Yeah, I’m sorry to throw out names. But


Mostafa Hosseini  39:24

no, no, no, it’s all good. So I guess the long term plays the way to go.


Rennie Gabriel  39:28

Yeah. And five years, I don’t think is all that long. I mean, if if you’re 30 years of age, you only be 35. If you’re 60. You’d only be hitting retirement age.


Mostafa Hosseini  39:41

Yeah. Yeah. And I guess the question is, what’s what’s alternative?


Rennie Gabriel  39:46

Oh, the alternative is to be broke for the rest of your life. Yeah. Warren Buffett says, I love Warren Buffett’s got to two quotes. I’d love to, to to lay on your listeners ease. The first one is, if you haven’t figured out how to make money while you sleep, you will work the rest of your life.


Mostafa Hosseini  40:04

Oh, that’s cool. I love it.


Rennie Gabriel  40:07

So what you and I are talking about is how you can create a passive income, so you don’t have to work the rest of your life. And it can be done in as little as five years. The second quote from Warren Buffett that I love is he says, of the billionaires I have met, money just brings out the basic traits in them. If they were jerks, before they had money, they were simply jerks with a billion dollars.


Which means if someone is good, and they create wealth, they’ll still be good money will not corrupt them. Money only corrupts people who are corrupt to begin with.


Mostafa Hosseini  40:50

Absolutely, hmm.


Rennie Gabriel  40:52

So you know, my job is to raise philanthropist, I donate 100% of my profits to the charity shelter to soldier that rescues dogs from environments where they could be euthanized and trained as service animals for soldiers that would have otherwise committed suicide. My purpose is to create more philanthropists, because the wealthiest people on the planet are the biggest philanthropists.


Mostafa Hosseini  41:18

Yeah, I mean, the more money you would have, then the more you can spend and


Rennie Gabriel  41:21

help others, the more good you can do exactly.


Mostafa Hosseini  41:25

This one thing I learned from Jim Rohn. And I absolutely love what he said. He says, if you make $10 million a year, and your expenses are only three, now you have $7 million, that you could give away and help and do some good with it. But if you don’t make that extra $7 million a year, then you can’t do much with that. Right? Merkley.


Rennie Gabriel  41:50

Jim Rohn has another great quote, which is, your income will be the average of the five people you spend the most time with. Which means you ought to up grade who you spend time with, if you want to make more money. So if


Mostafa Hosseini  42:07

if if, if the people that I hang out with are a bunch of broke losers, what do I do?


Rennie Gabriel  42:14

You find people who are where you want to be, and start hanging out with them. And that’s what I did,


Mostafa Hosseini  42:20

and get rid of your loser friends. You can just spend less time with them. And I guess over time, you would lose them? Yeah, you would, because


Rennie Gabriel  42:29

they’re going to be jealous, they’re going to be telling you what you’re doing is wrong. They wanted to keep you where you were. And unfortunately, you can either bring them with you, or you have to leave them behind.


Mostafa Hosseini  42:43

Let’s let’s dig deeper into this. Because I think this is a very important topic that stops people from making a move because they don’t want to lose their friends. That’s yeah, or their friends don’t want to lose it that correct. If I’m connected with a bunch of people, and all of a sudden, I’m like, You know what, I’m going to try to take a different route.


¬†And, and they’re like, Oh, we don’t want to lose, you don’t do that stupid, dumb stuff. Stop listening to this guy who says he can make you a billionaire? Those are all scams and this and that. What has been your weight? How did you approach this particular problem, which I know it’s a deep, subconscious psychological problem, which prevents people from moving because here’s another side of it.


And that is, people have fear of becoming rich, because they don’t want to lose their parents and Mom and Dad, how do you how do you how do you overcome that? What’s your what’s your advice for those people?


Rennie Gabriel  43:43

Well, the first thing is to become aware of the thinking, okay, when it’s unconscious, you can’t change it. Only when you become aware of it and start to examine it. Can you even think about doing something different? And yes, there are people I’ve met who said, I don’t want to make more money than my dad, because that’s gonna hurt him.


He’s gonna feel resentful. And then they win. But if they’re unconscious, they’re just operating by it. And then the funny part is, if they actually have a conversation with their father and say something along the lines of, you know, Dad, I’d like to make more money. But I have a concern that might upset you if I make more money than you. And the funniest things happen in those conversations.


The father says, What the heck are you talking about? That’s crazy talk. I would love you to make more money than me.


Mostafa Hosseini  44:42

That’s what usually dads would say. Exactly.


Rennie Gabriel  44:46

But become conscious of it. Before you bring it out on the open before you examine it under the light of day. You can’t change it.


Mostafa Hosseini  44:56

Love it. Because here’s my experience. right out of school, I was in school when I started my business, my business and I started making more money than the crowd that I was hanging out with. Mm hmm. And over time I started losing my friends. Mm hmm. And it was to the point where I would call them Do you want to hang out? No. Why? Oh, you know what I got out, I gotta water my flowers. I can’t hear you. They were just come up with some dumb, dumb excuse.


Yeah. And for the longest time, I didn’t know why this is happening. And it was, I guess, happening on a on a subconscious level where what happened was, they could not see themselves in me anymore. Mm hmm. And I didn’t want to lose my friends, I was trying to hang on to my old friends. And it was kind of probably stopping my progress. But then, after a few years, I lost all of them.


Then I learned in a show or someone was talking about how Oprah Winfrey when she lost about 40 pounds, she lost 40% of her audience, because they could not see themselves in her anymore. Mm hmm. And then I had this big aha moment, like, Oh, my God, this is why I lost my friends, because they could not see themselves in me anymore.


So I guess for those of you who are watching or listening, if you decide to take a different route, this is part of the progress. So you know, buckle up, get ready for it. You cannot hang out with a bunch of losers and expect to hang out with Warren Buffett, or the likes of him or other, you know, rich and wealthy people.


Rennie Gabriel  46:41

Yeah. And it’s a situation where there’s the choice of offering to take them along with you. If they’re open to it. Exactly. And if they’re not, it’s just not going to work out. And there’s a fabulous book by a group of people who’ve done empirical studies in this area, and it’s called change anything. Okay. And it talks about the six areas of support that will allow anyone to accomplish anything, from getting off drugs to creating wealth or promotion at work, or enhancing their relationship.


¬†It doesn’t matter. This is why I say wealth creation is a team sport, not a solo sport. There are six areas and they talk about, you need to have the friends that support where you want to go. And if you are a smoker, and you want to give up smoking, you can’t continue to hang around smoke smokers.


Mostafa Hosseini  47:41

Absolutely. I love that. I said the statement. Wealth Creation is a team sport is not a solo sport. Correct? I say that about running a business that running a business is a team sport. It is not a solo sport.


Rennie Gabriel  47:57

That’s correct. Absolutely. And it doesn’t matter if it’s a business wealth, or even relationships.


Mostafa Hosseini  48:04

Absolutely no have to do by yourself. Yeah, it would be extremely difficult if you do it by your own. And if you do it on your own, you only can go so far. Exactly. I mean, we have limits. I know in my experience in business, doing it alone, I can only do 100 150 grand a year, if I push myself. Right. You need people to to do anything in life. It’s


Rennie Gabriel  48:31

Yeah, exactly. And, you know, like I like I used Warren Buffett’s quote about, you know, the billionaire who was a jerk before. It’s just a billion. Just as a billion dollars. He’s still a jerk. Yeah. And the thing is that when you associate with the kind of people who are like you are where you want to go, your life is more enriched, you will go farther than you could go alone. And you look at any athletic person you respect.

They didn’t get there by themselves. They had a coach, they usually had team members that supported them. Mold doesn’t matter where you look.


Mostafa Hosseini  49:12

Yeah, I heard Tiger Woods had five coaches. Yeah. One for each, each different stage of the game mindset coach, bodybuilding coach, and you know, all sorts of different coaches


Rennie Gabriel  49:26

putting coach a driving coach.


Mostafa Hosseini  49:28

Yeah, exactly. Oh, yeah. Oh, yeah.


Rennie Gabriel  49:31

Anthony Hopkins, the, the multi award winning, Emmy Award winning Academy Award winning actor. When he was asked if he had a coach, he said, No, I have seven. He’s got one coach for Stage. He’s got another coach for voice. He’s got another coach for movement. The best in the field. have coaches.


Mostafa Hosseini  49:58

Absolutely. cuz I can’t see how operating myself, I need someone from outside to look at me and give me feedback appropriately depending on what’s happening. Exactly. That’s my experience. Now, Randy, can you tell us about your gift here again at the roadmap? Yeah, an actual choice.


Rennie Gabriel  50:17

Yeah. The roadmap is nine steps that will take someone from wherever they are to a place where they can have complete financial choice and be philanthropic. And they can hear my TEDx talk, which explains how we’ve been programmed to think it’s better to be poor than wealthy. And the cure is at nine step roadmap.


Mostafa Hosseini  50:42

I love it. Ronnie, I am really glad that we talked today, I got to know you on a deeper level. And now if I want to know someone, I think I’m just gonna bring him on the show and talk with them for an hour. Now, let me ask you some personal questions as we don’t have a lot of time left. What’s one new thing that you tried recently?


Rennie Gabriel  51:10

Probably changing my calendar schedule, to allow conversations like this interviews, networking to be only one day a week, instead of previously was two days a week. And guess what? It still works out?


Mostafa Hosseini  51:31

Very nice. What are what are some of your favorite books? Top two or three books that have made a massive difference in your life or business?


Rennie Gabriel  51:42

Well, one of them is the richest man in Babylon, which explains the concept of pay yourself first, that I’ve incorporated into my book wealth on any income. Okay. Another one was from my barber share called witchcraft, explains how anything you want, you can get as long as you don’t do it by yourself.


Mostafa Hosseini  52:09

As long as you don’t do it by yourself. Yeah,


Rennie Gabriel  52:12

exactly. When you can ask anyone for help. I asked my ex wife help, because I wanted to write a book and didn’t know how. And she reminded me. My brother ex brother in law was a number five income producing author for Prentice Hall. I can go get input and guidance from Him.


Mostafa Hosseini  52:33

Which people wouldn’t even think about reaching out to their ex nevermind getting free advice. Exactly. Love it. Do you have another book for us?


Rennie Gabriel  52:42

Okay, richest man in Babylon wealth in any income. Oh, Think and Grow Rich by Napoleon Hill. I mean, if you want to find out what the wealthiest people in the country did, read Napoleon Hill’s book, Think and Grow Rich


Mostafa Hosseini  52:58

and Grow Rich. Love it. Love it. Love it. These are foundational


Rennie Gabriel  53:01

books. Any business owner ought to be reading. And that tells me my time is up.


Mostafa Hosseini  53:08

You got another two, three minutes, right?


Rennie Gabriel  53:12

Yep. And then I’ve got another interview. Okay,


Mostafa Hosseini  53:14

next question. If you had an ad, a Facebook ad, or Google ads, where everyone on earth could see through the internet, and you had a message for people of Earth, what would your message be?


Rennie Gabriel  53:32

If you support and love one another, everything works out.


Mostafa Hosseini  53:40

Everything works out. I’m just typing it down. Love it. That’s beautiful. What’s one advice that made a massive change in your life?


Rennie Gabriel  53:53

That I didn’t have to do it by myself. Just be willing to ask for help.


Mostafa Hosseini  54:01

What advice would you give your 20 year old self?


Rennie Gabriel  54:06

The stuff we’ve been talking about? You want to do? Well, don’t do it by yourself. The problem was I was a latchkey kid, my survival depended on me. So I would, and I was unwilling to ask for help from anyone else. But in my 40s, I recognized the attitudes of a five year old child should not be running a 40 year old body.


Mostafa Hosseini  54:27

Love it. Ronnie, this has been an absolutely beautiful conversation. I feel like I could just dig more and ask you more questions to talk about money for another good two to four hours. So I hope to see you back again on the show. Is there anything you would like to add that we didn’t talk about?


Rennie Gabriel  54:47

No, you can invite me back on the show. We’ll talk about more stuff.


Mostafa Hosseini  54:50

Love it. Love it. Thank you very much. I really appreciate a gank if you would like to tap into Rennies wisdom Financial Freedom and creating wealth for yourself. He has done it he walks the talk I have known him for over a year now and I’ve quite enjoyed being in his company and he, he actually does walk the talk like working with people reaching out for help and the rest of it.

He has done a book on it go out to wealth on any income, comm forward slash TEDx. Take a look at his TEDx talk, download the forms, and the rest of it and we’ll go from there. And as usual, we do the giveaway and giveaway gifts. If you like, subscribe and ask questions on the show or on our podcast. Subscribe to our podcast on Apple, Spotify and different channels.


Write a review about your content or about this episode or other episodes on Apple or other channels. You enter your name for to draw. And if you wanted to tap into our sponsors, simple marketing formula course coming up, go to forward slash join dash SMF and get a list of the upcoming dates in the course.

My name is Mostafa Hosseini. Thank you for joining us again. I look forward to chatting with you and I will see you on our next episode. Bye now.


Rennie Gabriel  56:21


Mostafa, thank you


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