1St Generation Rich

Copyright © 2020 Mark J. Migliaccio.

All rights reserved. No part of this book may be used or reproduced by any means, graphic, electronic, or mechanical, including photocopying, recording, taping or by any information storage retrieval system without the written permission of the author except in the case of brief quotations embodied in critical articles and reviews.

This book is a work of non-fiction. Unless otherwise noted, the author and the publisher make no explicit guarantees as to the accuracy of the information contained in this book and in some cases, names of people and places have been altered to protect their privacy.

Archway Publishing

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Bloomington, IN 47403

www.archwaypublishing.com

844-669-3957

Because of the dynamic nature of the Internet, any web addresses or links contained in this book may have changed since publication and may no longer be valid. The views expressed in this work are solely those of the author and do not necessarily reflect the views of the publisher, and the publisher hereby disclaims any responsibility for them.

Any people depicted in stock imagery provided by Getty Images are models, and such images are being used for illustrative purposes only.

Certain stock imagery © Getty Images.

Thanks to Wendy Spalsbury with OneCreative.

ISBN: 978-1-4808-9204-0 (sc)

ISBN: 978-1-4808-9205-7 (hc)

ISBN: 978-1-4808-9203-3 (e)

Library of Congress Control Number: 2020914346

Archway Publishing rev. date: 10/11/2021

CONTENTS

Preface

Introduction

Chapter 1: Who Are the 1st Generation Rich?

Powerful, Inspiring, Beautiful Words

Chapter 2: My Brief History

Chapter 3: Awakening: The Day That Changed Everything

Chapter 4: Get on the Train

Chapter 5: Zero

Chapter 6: The Inception

Chapter 7: Stockpile, Hoard Cash

The Finest Most Important Tool

Chapter 8: Your Greatness is Searching for You

Making it Impossible to Turn Back

Chapter 9: What Are You Called to Do?

Chapter 10: One out of Billions

Chapter 11: J. O. B.

The Magic Behind the Magic

Chapter 12: Distractions

Chapter 13: The Goldilocks Window

Chapter 14: What’s the Health?

Chapter 15: No Phishing

Chapter 16: Time

Chapter 17: Pretend Rich

Motivation

Chapter 18: The Land of Opportunity

Chapter 19: What Do These People Do?

Options = Freedom

Chapter 20: The Payoff

Final Thoughts

PREFACE

1 st Generation Rich is about the building blocks we used to construct our businesses and put together our real estate portfolio, which led us to become financially independent. This was all done from the ground up with no financial help and no college degrees. My best friend’s dad inspired this whole adventure. He was a 1 st generation immigrant from a small farming village in Sicily. He went on to build a business and then a real-estate empire. He did it all with only a third-grade education. He showed me it was possible to take a different path to wealth, which not many people have traveled on. Generation Rich is my title for this reason. His story was so inspiring it motivated me to begin my own personal journey to discovering real wealth. I began searching and digging, I uncovered how he was able to take such a simple idea and turn it into a pot of gold. He built a large cash machine that paid him twenty-four hours a day, seven days a week, 365 days a year. This provided him and his family with many great options and opportunities. This was the most generous family that I have ever met, and their kindness became quite contagious.

This is a blueprint for those who always wanted to start a business that funded other assets such as real estate and the stock market but have no idea where to begin. Over the years many people have asked me, How did you start your business? How did you get into real estate investing? I answer these questions in steps. This is my simple, boiled-down approach to how I got started and took it to the next level with my wife. We knew what an opportunity looked like and how we found the finances to complete the deal. The main goal is to build a moneymaking machine that pays all your expenses and buys you the time to search for real estate or other assets to acquire. The more deals you do, the more passive income you earn, and the more time you create, which gives you more options to choose from. The by-product of options is having more freedoms.

My journey started with a goal of becoming rich, and in the process, I found something that was incredibly more valuable than what I thought money was supposed to bring me. These chapters spell out the exact steps and processes that my wife and I learned to get us to where we are today.

When you finish reading this book, I guarantee you will never look at your money, investing, business, time and freedom the same way. I will teach you how to follow as well as finish what you set out to accomplish. I will help you build a future that you can look forward to and be excited about. In each chapter I will systematically walk you through solid techniques that when used correctly will shift your thinking from an employee to an entrepreneur.

INTRODUCTION

A re you lost, in a rut, bored, searching, curious, or just undecided about what you were put on earth to do or what career path you should take? Take a second to think about it. Am I wasting my life at a dead-end job with no real options? Can I see myself working here for the next several years or until I retire?

1st Generation Rich was written for the person who has no idea what their future could look like. It was written for someone who is stuck in a dead-end job and feels like they have no options or clear direction. It was written for the stay-at-home mom who is trying to earn some extra income and has no idea how to get started. It was written for anyone who has ever dreamed of running a business. It was written for whoever wants to step out by taking a shot at building something by using their passions, uniqueness, and great ideas. This is my guide that was penned in a way that anyone can follow to find opportunities where businesses can be formed, where needs can be met by you and your great ideas. This is the instruction book on how to have your ideas working for you so you can create large pockets of time to start other ventures.

This book is all about the business and investing experiences we used on the entrepreneurial side of the world. This is the basic, boiled-down approach to how we found success in business and investing. It was on-the-job training. We had no financial help from family or friends. As my grandpa would say, we did it from the bottom up. We started with absolutely nothing and built a successful business that supplied the money to put together a large real estate and stock market portfolio. We now have many types of income streams that keep us well diversified.

Everyone has great ideas from time to time. Some of these ideas will change the world, and some just make for great fun. Awaken the entrepreneur that is sleeping in your mind, and see what can happen.

Each chapter in this book will show you the techniques we used to position ourselves to take full advantage of up and down real estate markets and new markets that were popping up all around us. Right now is one of the easiest times to start a new business. We have more information and tools at our fingertips than any other generation. You don’t have to think just locally or regionally anymore-you can sell your great ideas to the entire world.

This begins with some planning along with some self-control (behavior modification). You will have a good chance to retire comfortably, with lots of options that will give you plenty of freedom. Don’t waste your life waiting for an inheritance from some rich uncle that might never happen or that astronomically low chance of a lottery windfall. You can begin your own legacy by building something you can be proud of for yourself and your family.

My mission in writing this book was to open the eyes of anyone who always wanted to start a business, invest in real estate or other assets, but never knew how to get started. I want to show that there are many more options to the daily grind of working in an environment you dislike with people you would never invite to one of your barbecues.

There must be more to life than just punching a clock working the same old job until you might get the chance to retire in twenty-five years. Believe me, there is…

Why is this the norm? Millions and millions of people are stuck working in lifeless environments doing jobs they can’t tolerate. Most people complain about their jobs, but they don’t do anything about it. If you really want to change your future, this book will push you in the right direction.

I will tackle a variety of topics, building a case that anyone can have a good chance of being successful when it comes to starting their own business. What does it really take to find a niche and build something that will give you the cash needed to invest in other areas?

I have not met a person yet who has not had a dream of being their own boss, running their own company, buying, or flipping real estate, developing, and then selling something that you created while building a large cash machine that pays all their expenses every month. That’s exactly what we did. I share in detail how we started with no money and ended up becoming 1st generation rich.

70034.png WHY DO SO MANY PEOPLE JUST SETTLE INTO SOMETHING THEY END UP HATING?

Is there a way to be satisfied—even joyful—or to feel a sense of accomplishment when working? Or is this just some out-of-touch fantasy?

I found this group of people who are constantly excited about working. Every day feels like Friday to this group. They have a completely different way of viewing their work. They find their work extremely satisfying. They get excited about—and even look forward to—Mondays. They have goals, vision, and a unique outlook when it comes to their work. They want to change people’s lives, and they want their ideas to change the entire world. They found out what makes them unique and turned it into something great, which everyone can benefit from.

This group of people never answers to just one boss; they answer to hundreds or even thousands of different bosses. These bosses are called customers. They know if the customer is happy, they get paid—and they get paid well.

70034.png POV

Some people have an unhealthy perspective when it comes to how they view their money and their work. I want to bring a different point of view (POV) on this topic. I will show you how to look at your money as a valuable tool and not taboo. Your money being used to help instead of hinder.

This book is not about the love of money but the function of it. Many people never learned how to use their money to provide them with real freedom. Knowledge dies if it’s never put into practice.

People in general don’t like to talk about money. That’s where the problem starts. Every soul on earth uses this great tool every day without a thought. That would be the 2nd problem. Money needs a master and someone willing to take the time to master it. Money will patiently wait for its owners’ thoughtful directions.

When you really care about something you’re going to pay close attention to it. Your hard-earned money needs your full attention and guidance. Money is waiting for a wise, long-sighted leader for its orders. A great relationship is built on effort, patience, and time. Build a lasting bond with the money that will take you into a comfortable retirement.

What if I was able to alter your thinking when it comes to your money? Test the principles and formulas I write about and see what happens. The only thing you have to lose is more of your hard-earned money!!

70034.png LOOK

Sometimes the simplest ideas are right in front of you. Are you willing to take the time to look? Just open your eyes. Wealth is floating all around you. What does it take to find your great idea? Can you stick to it until success starts popping its head up? I will show you how to do this in stages. Once you learn these principles start applying them to your journey, the only thing you will regret is not starting sooner.

70034.png PURSUIT

My main goal was to have a thriving business that funded all our investments that paid us every month to live the lifestyle that fit us. I wanted to show others that anyone can reach their goals when they master these financial tools that are available to everyone.

If someone with my background can become 1st generation rich, then everyone has a great chance of being successful. I succeeded because failure was not an option. I worked hard and paid close attention to every dollar I made, and the results were the only proof I needed to keep me pushing forward.

I’m not trying to reinvent something that has been taking place for thousands of years. I am simply taking something that was always there by giving you my personal insights of how we built our business and a real estate portfolio from the ground up with a ridiculously small savings account, no financial help, no safety nets to catch us if we failed. This made us pay attention to everything we attempted with great detail. We learned as we went, deciding that failure had no place in our journey. We stuck to our vision by never giving up until we completed what we set out to do. Then we went on to our next goals.

70034.png ENDGAME

Once you reach your main objective, you can repay all those that inspired you to achieve your goals by helping others find a similar path. Plant a seed by sharing your incredible story. Share with others the knowledge and personal insight of how you were able to stay on the road that’s less traveled to become 1st generation rich.

Options = Freedom

(This is a theme you will see repeatedly throughout this book.)

Two of the most beautiful words that can change your life are options and freedom. Having options will give you more choices. The byproduct of multiple choices is freedom.

This entire book from the 1st word to the last was written with one goal in mind: to show that every human being is exquisitely unique. You were put here on earth for a purpose. I want to help you unlock what makes you unique by turning it into something that lasts.

If I could show you it’s possible to be in control of your future, would you believe me?

The most powerful word you take for granted is choice. Your choices are great indicators of where you will end up in the future. How can you tell the choices you’re making now are the right ones? I’ll show you.

What can you gain? Satisfaction of ownership. Having money-producing assets. Control of your valuable time. Have a fully funded retirement. Freedom to do whatever you want.

What can you lose? An unfulfilling, lifeless job that has no room for advancement. Dealing with grumpy bosses and unhappy coworkers. Another day spent working to build someone else’s dream instead of your own.

Each chapter in this book is a stepping-stone towards building a rock-solid foundation to launch your great ideas and join this diverse group of visionaries called entrepreneurs.

I will take you on a journey by showing you in detail the path we took that led to our freedom. First master the principles and then stay on the path until you complete your goals. Then you will be on the path that leads you towards becoming 1st generation rich.

Realize that your time on earth is short. Why settle for mediocrity when you could have a chance at greatness.

70034.png DON’T FOLLOW THE MASSES

No man has the right to dictate what other men should perceive, create or produce, but all should be encouraged to reveal themselves, their perceptions and emotions, and build confidence in the creative spirit.

Ansel Adams

A principal wrote this letter to the parents of his students:

Dear Parents,

The exams your children are required to take are about