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In this episode, you’ll discover:

  • How to teach your kids to make money—even if they’re too young to work a fast food job. (2:41)
  • Read this unusual book to your kids to kickstart their entrepreneurial drive before they can read. (3:33)
  • Why your kids’ drive to school can teach them more than all their teachers. (4:15)
  • How one dad got his teenager addicted to reading business books. (5:01)
  • Don’t want to spoil your kid? Here’s how to teach your kid to make his own money—whether he’s 5 or 15. (6:45)
  • The dead simple, yet effective marketing strategy a 6 year old can execute—are you doing it? (10:45)

Hey! Want to do a deal? Need my help? No cash to make an offer? Send me a quick text at 440-389-3883 and we’ll work together to get you the deal.

Read Full Transcript

Welcome to Cleveland real estate investor. On this podcast, you'll hear about every aspect of the real estate investment business. You will talk to your rockstar investors about their businesses, how they built them, where they came from, and where they're going. Who am I? I'm Joe Lieber and I've made millions of dollars from the real estate investment business over the last 20 years. If you're ready to hear the good and bad from a guy who's learned this business from the school of hard knocks and get educated by some bad ass entrepreneurs, then put your helmet on, strap on your chin strap. Let's ride.

(00:36): Hey, what's up guys. Thanks for tuning in today. I've got a fun show today. For those of you have kids, especially Holy smokes. So we all know these kids have been home for the last couple of months and with no school and all that. And if your kids they're like all kids, especially, I feel like mine. They're always asking for stuff. And they're at an age now where they're asking for things like dad, I want some Vbox for fortnight. I swear if I buy another set of Vbox, I'm going to freak out. You have to feel like that. If you're a parent, no, the child who plays Fortnite or another one, this roadblocks, roadblocks, however you say it. My daughter's always hit me up for roadblocks to buy. And then they play them in the game. And Holy smokes, I need to create a game like this, right?

(01:22): I'm sure we've all thought about that. Like I got to get also like this there's this kid, I believe that they inventor a fortnight is a kid. His name is Ninja. I mean, this dude makes so much money. It's insane. He's like famous, you know, driving around LA and Lamborghinis and stuff. I mean, geez, Oh man. But you know, they're always asking me for Vbox and for Fortnite and dad buy me this and it's like, dude, you gotta make your own money, man. You know, you gotta figure out ways to make your own money. And then his parents were like, well, how do they do that? You sit in there thinking, well, how can I really get this kid to make some real money and drive his own income? And that's what we're talking about today. Like things that I do with my kids to let them make money.

(02:02): And I'm gonna give you some ideas and some tips and tricks and things that I do. And hopefully you can bring this into, you know, your family and some of these ideas into your personal life and really engage them and start that entrepreneur spirit from a very young age. Cause it's really as important. I have a lot of thoughts and I'm not going to share them all here today, but I have a lot of thoughts about our education system in going to school and different things, but for the purpose of this show. So let's just jump into some of the ideas that I want to share with you. So again, the Vbox he's hitting me up. I want a fortnight and I'm like, dude, you gotta earn the money, man. So here's some of that. I'm gonna give you some easy things like off the cuff things.

(02:39): I'm gonna tell you exactly what we do. So like you can have your child, we all have stuff we need to get rid of. Right? Grandma and grandpa brought too many things for Christmas or Easter presents and they don't play with them anymore. And they grow up so quick. It's like, you're not playing with that little home Depot set that we have in the basement for like the last year and a half. So I'm having them go through their toys and then pick out things to sell and I'm let them use eBay or even let go right now. Obviously it's under my account and I'm the one controlling this. They don't have full control to early communicate with adults, but I let them communicate through me. But they're selling things on eBay. Some of their toys they don't use, or they're selling some of their bigger items like this water table we had that we haven't used in two years and I'm letting them sell them on, let go and letting them earn money like that.

(03:30): So by other things, that's one example, but there's other things. So there's a book that I read to my son and daughter every night, it's called secrets, self made millionaires, teach their kids. The author is Steve Seibold. You can buy this book right on Amazon. And the cool thing about this book is it's like 150 chapters, but one page is a chapter. So we read one page a night, it takes about three to five minutes to read a chapter and it's really engaging. And it's cool as hell. It's even cool for adults. I mean, really this is like, some of these things are really adult driven, but the kids are hearing them, but this book is geared toward the kids. And it's really cool. I read one chapter a night to them and I see it works because what was happening was in the morning when I would drive the kids to school, they would ask me, Hey dad, what was he talking about in that book?

(04:25): And it really started to click and the wheels started to turn. I really got excited when they started asking me the next day about it. I was like, wow, this is cool, man. This is like the wheel. That turns is really working. There's another thing that I'm doing right now. There's a dude out there pushing this thing called kidpreneurs. It's a series of books you buy. And they're all driven around education on money and financial education, but they're driven to kids. So I will read these books to them, but there's a contingency now. They're not old enough to where it's like, I want you to read this book and then write me an essay about it. And I'll pay you. I have a friend that does that by the way. It's awesome. He has like a 16 year old and he says, if you read this book, rich dad, poor dad.

(05:08): You go read that book, write me an essay on it. I'll pay you 500 bucks. Really cool. Right? Well, my kids aren't old enough to write essays, but they're old enough to sit there and listen to me, read it to them and have a conversation. And I pay them for that. Go, if you will sit here and let me read a chapter of this book to you, and then we have a conversation, you'll earn a minimal amount of money, you know, two, $3 and they can start earning money like that. That's what I'm asking of them. Instead of, I do not want to teach them to be task driven. Like I don't want to teach them to be like, if you sweep the garage, you get a check in my mind, I'm training an employee by doing that right. Hourly wage paid for our work.

(05:53): No, we don't do that here. Well, we're going to do is you're to entrepreneurially earn that money and you're not going to get paid exactly for everything, but there is massive upside. I'm going to get into this in a minute about what I'm talking about with massive upside for the child. It's almost like it's a child playing a man's game here or woman's game. You're going to see this in a minute when I draw this all together, but it's cool. So I will have this conversation. I'll give him a couple dollars for listening to a chapter in a book and it's good. And it works and it gets them engaged. It gets them excited. That's a wonderful lesson. Alright, so here's another thing what we're doing right now. Okay. My boy, he understands money a little bit. He wants to make some, how do I say us real money?

(06:37): If that's even a word, but like something where it's gonna, it's not two or $3 or a $10 a week allowance. He wants one stuff. Now he's freaking one Apple watches and just high ticket items, guys. You know what I'm talking about? And you're like, geez, Oh man, like, dude, unless it's a birthday at Christmas, like you're not getting an Apple watch. Right? You got to earn that money. I'm just not going to buy you these things for no apparent reason, you know? And I want them to save this money up. So here's what we did. The reason why I haven't recorded the show tonight is because we just hit one. Right. And this is so awesome. Here's what I mean by this. So what I did was, and this is so easy. I went to Vista print and I had a little generic postcard printed up, right.

(07:18): It says like, I will buy your house cash. I live in the area locally. You know, one of these cheesy postcards that you get in the mail every day, if you want to rental property, I ain't buy a lot about 500, nothing crazy. I then went to a lead source like ReboGateway or ListAbility or ListSource ever when you want to use. And I bought a small list. Right. And as a specific zip code, I bought four, four one, one, one. Okay. So there is this out there, all you Clevelanders. And I just do with my son, I took the list, took the postcards and I wrote out the addresses. I sat here with him and we have conversation. And then I wrote the addresses out on there and he stamped them. Like you put the stamps on, physically put the stamps on. And we had the conversation.

(08:01): I make them walk out to the mailbox and we'll do like nothing crazy, like 25 a day. Okay. We'll do 25 postcards a day and make them walk up to the mailbox. So he's like trained and gets that idea of what's going on every day, walks out there and he pulls up a little red flag and puts the 25 postcards in there and we're mailing people, right? So I have already have a list. I have a targeted list. All right, already absentee owner, non-owner owner, whatever it's stacked and all that. And I can get into that. That was another podcast, but I have a good list, right? So here's our deal. If somebody calls off that postcard 20 bucks, I'm going to give him 20 bucks for an inbound phone call, where they call and tell me to go fly a kite or they tell me they want to sell their house.

(08:43): He gets 20 bucks. Now if they call in and they do want to sell their house and sell it at discount and it leads to the next step, which step two is I get an appointment and I go to visit the perspective customer, right? If that happens, he gets a hundred, we're up there. Hundred bucks. If I go see a customer, whether I sign the deal or not, he's getting a hundred bucks. If I go out there and the customer decides they want to do business, but they want retail. If I list the house as their real estate broker, and I'm just their agent, I'm going to give them $500. Pretty good. Right. And if I buy the house and I buy it at a good discount, which I would say, well, if I'm going to take something down, I will give him $1,000 serious.

(09:29): Right? So serious. That's mess about what acquisition managers get paid, right. To really do it. So I have a boy playing a man's game, making real money. I mean, if I buy that home, it could be a serious amount of profit, right? 20, 30, 40, maybe $50,000 in one deal. And now all of a sudden I got a boy playing a man's game. This is legit. And he's making real money, driving real income, real revenue. This is the big boy show. And it's exciting. And he sees it unfolding and he knows. And the plan is now, tonight, we just got a call. I believe it's gonna lead to an appointment. Right. And we're really new to this, right? I mean, letting him do this, we just started doing this 45 days ago, but I can see it working. Right. I can see where this can go.

(10:17): And he's asking questions, Hey dad, if we get this house, he's super excited. Right? He's like, dad, if we get this house, what's going to happen. Like, Oh, are we going to rent it out? Are we going to like sell it? He does. And it's cool. He's engaged. It's exciting. I'm teaching them. I'm showing them the game. This is how I make my living. This is it. It's so exciting. It's really what it's about. Right? I mean, it really is. But to draw us all together, when I say a boy playing a man's game, I mean, this is what you should be doing too. Why are you not sending out male? Why are you not doing RBMs to a list? Why are you not blast text messaging, a list? They just set it up on auto, set it and forget it. Why aren't you sending out text messages, whatever a thousand a week to a list?

(11:08): Or why are you not sending out to a stacked list, cultivated stack list. Why are you not dropping a couple of thousand postcards a month? Is they say it takes seven times the four customers even going to respond. And the fact is that 80% of deal flow comes from followup, not the initial phone call. And these are facts and statistics. 80% guys comes from mailpiece three through seven. I mean, wow. So this call came in tonight, right? It's Saturday night, I'm hanging out at my house in Catawba, just hanging out as a family. And that call came in. I wasn't expecting that call tonight. I forgot about it. I mean, sweetly send out 10 25, whatever postcards a day. You're not doing anything to scale, but look, it just takes one. And that one call came in and man, this could be a big deal.

(12:01): It has the liking of a big deal. It's a West side suburb, Parma Heights where this deal is. And it's exciting, you know, and not to get into details of that deal, but it can be awesome. So, and all cause my nine year old son a postcard out, I mean, right. So just a couple of things. Think about tonight. I just wanted to share that with you. I think it's cool. I think it's what it's really about is the kids and in growing and training and teaching and coaching and taking them to the next level. So that's it guys. Thank you so much for tuning in hoping to have the show. And by the way, if you can relate to this, drop me a text message. Text me. I want to hear, I want to hear you say, damn Joe. I can relate to that.

(12:38): I got kids always hit me up, man. Text me. I'll give you a number. Ready? Text me at (440) 389-3883. I think that's the number. I think that's a good text number. I want to verify it before I give you the wrong number and reach your text messages. Yeah, (440) 389-3883. Drop me a text and just say, yo man, it was cool. I got some value. I got a kid and kids and this is they're always hitting me up too. And we can have something to rap about. They're so cool. Thanks for checking out the show today and look forward to catching you on another show. Have a great day.

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