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Greg Clement built a net worth of $70 million through real estate and software development.
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He lives on a farm and says that working on the farm shows that his sons delay gratification.
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Clement still works and forgoes private jets for tent vacations.
This as told essay is based on a conversation with Greg Clement, founder of Freedom Studies. It has been edited for length and clarity.
I grew up in a paycheck-to-paycheck family. For anything beyond the necessities, I had to find a way to pay for it myself. When I was old enough to drive, I bought a car and covered the gas and insurance. Later I paid for my studies by working and taking out loans.
My family worked in construction, so I was handy. As a young adult I started searching turning old houses. It wasn’t lucrative to start: my first somersault earned me $600 after more than 100 hours of hard work. But I learned quickly and my next deal made $40,000. I continued to build my real estate portfolio and also created software to support others in the real estate industry.
I became a millionaire when I was 33 real estate investments. Today, at 50, my net worth is approximately $70 million. This comes with a lot of safety. I have the financial freedom to spend my time doing what I want, with who I want. But in many ways, my life doesn’t look like what people think a multi-millionaire’s would be.
I still go to work
In addition to flipping real estate, I worked as financial planner for seven years in my 20s, so I got a behind-the-scenes look into the lives of many high-net-worth individuals. I was shocked that one of my wealthiest clients still went to work. I thought, “I’m going to be different from you.” I thought if I had enough money I wouldn’t work.
Now I’m still working even if I could retire easilyand I’ve realized that a job is about much more than just money. I lead a purposeful life, doing work that I enjoy and that I am good at. I invest in real estate and run several companies, including a real estate investing course that uses software I developed. I have created a rhythm where work fits into a satisfying day.
I live on a farm and teach my children to think like farmers
I live in a 150-acre apple orchard in Ohio. It’s beautiful, but it’s also a working farm. My wife and I grew up here and met during high schooland both came to the farm apple picking as children. We bought the farm to prevent it from being developed.
We also realized that the farm would be a tangible family business that our three sons – now aged 16, 22 and 24 – could learn from. Many people today want instant gratification: starting something today and making money tomorrow.
Our sons have been forced to grow up with the idea of farming. They understand that if we plant trees, it will take three years for them to bear fruit. You have to work hard and wait before you can harvest, and that’s a lesson I want them to take with them into their lives.
I didn’t buy the cars for my kids
I could have easily bought my sons’ first cars directly for them, but I wanted them to work toward that goal. When they were about 14, my wife and I explained that we would pay for half of their first car, and they would be responsible for the other half. They would also have to buy their own gas.
I paid for college and had my son drop out
I told my sons I would pay for their university education. My oldest has a business degree. My middle son enrolled in college and completed two years before realizing college wasn’t for him.
We had an honest conversation, without emotion. I wasn’t frustrated or felt like I wasted the tuition because it took him those years to understand that this wasn’t the path for him. As long as he keeps moving forward, I have no problem with it has no diploma.
Money measures action, not worth it
I have learned that money is not a currency of dignity. Having money doesn’t mean you’re good, and some people make money in some pretty bad ways.
For better or worse, money is attracted to action. There is no such thing as a million dollar idea unless you take action on it. When my son dropped out of college, my biggest concern was that he would continue to move forward, because action is the path to success. He took my real estate investing courses and I gave him free access to our software (which normally costs $100 per month) so he could build his real estate portfolio.
Health and relationships are just as important as money
Later in my career, I started coaching others on how to make money in real estate. I was surprised to see that some of my most financially successful students were failing in other areas of their lives: they were out of shape, mentally unhealthy, or had marriages on the rocks.
Mine idea of wealth is being able to do whatever you want, with whoever you want. But for that to work, you need good health and rich relationships. People associate money with freedom, but health and relationships are just as important.
Read the original article on Business Insider
