Hey everyone and welcome back to the deep dive.
You know today we're diving into something
I think a lot of us think about.
Yeah.
Building wealth.
And to get into that, we're looking at this YouTube video.
Okay.
Called How I Made My First $1 Million by Age 25.
From Nothing.
Tips on how you can make your millions.
Catchy title.
It is.
And the person who made this video is Odetta Rockhead Kerr.
Interesting.
And she went from like basically nothing
to millionaire status by age 25.
Wow.
That's really impressive.
Yeah.
So we're gonna unpack that story
and really try to get into like what were her strategies
and what were the steps she took.
Yeah.
What can we learn from her experience?
Exactly.
And she starts off by talking about, you know,
kind of her why.
Like why she was so motivated.
Yeah.
The driving force.
Yeah.
And for her was rooted in this pretty intense experience
during Hurricane Gilbert.
Oh wow.
When she was 11 years old.
And the, you know, her family's home was not exactly built
to withstand a hurricane.
Right.
And so she talks about that fear
and that desire for security
and really wanting to build a solid safe home for her family.
Yeah.
That's a powerful motivator for sure.
And it makes you think about like,
what is your why, you know, when it comes to your own finances?
What's that big goal?
Yeah.
What's that big goal that's gonna kind of keep you going
when things get tough?
Yeah.
Absolutely.
So Odetta, she doesn't just stop at the dream.
She actually jumps into action.
Right.
And the first thing she talks about
is diversifying your income.
Okay.
And so she breaks it down into these three types.
So active income.
Okay.
Which is, you know, kind of your typical job passive income,
which is money you're earning without constantly working.
Right.
And then portfolio income.
So things like investments.
Makes sense.
Yeah.
And this is smart because, you know,
if you're just relying on a job, if that disappears.
Yeah, your income's gone.
Exactly.
You're in trouble.
Yeah.
And she talks about how she started hustling
from a really young age.
Really?
Yeah.
She tells the story about selling raffle tickets
for her grandmother's cake.
Oh, wow.
When she was eight years old.
That's adorable.
I know.
And a great way to learn about sales.
It is.
And I think it really shaped her mindset early on
because she learned the value of sales.
Yeah.
And also, you know, not letting pride
get in the way of earning money.
Right.
You gotta do what you gotta do.
She says, and I quote, everyone can sell.
I like that.
Yeah.
We all have that ability to persuade, you know,
we just need to figure out how to apply it.
Absolutely.
And think about how good we are at coming up with excuses.
Right.
That's persuasion in action.
Totally.
Yeah.
So let's get into some specifics, you know.
So she had a corporate career.
Okay.
She even reached, you know, VP level by 25.
Wow.
But even with a six figure salary,
she was still hustling.
That's impressive.
I know it's what we call the hustler's mindset.
I love that.
She was constantly looking for new opportunities.
Yeah.
From selling flip flops for a 220% profit.
Wow.
And she was looking at hotels.
Really?
She even taught herself to trade for an exchange.
That's amazing.
I know she was not afraid to try anything,
but was there any kind of method to her madness?
Right.
Was she just jumping at every opportunity?
That's a good question.
Or was she being more strategic?
I think it was a combination of both.
Yeah.
She definitely had that drive to earn,
but she was also strategic about it.
Okay.
She didn't just sell any flip flops.
She found a supplier offering old Navy flip flops
at a deep discount.
Oh, so she was thinking about the profit margins.
Exactly.
And then she sold them at a markup,
so she saw demand and filled it.
Okay.
Which I think is a key takeaway here,
being able to spot those kinds of opportunities.
So being resourceful and seeing the gaps in the market.
Absolutely.
Okay, that's a good takeaway for anyone,
no matter what stage they're at.
Yeah.
Let's shift gears a little bit
and talk about passive income.
Okay.
Making money work for you.
Yes.
So Odetta, she had a taxi business.
Okay, a classic example.
Yeah, right?
She invested in cars.
Her uncle actually managed the day to day.
Okay.
And she received income from the drivers.
So she created leverage.
Exactly.
She wasn't driving the taxis herself.
Right.
Her money was working for her.
I like that.
And then she also got into network marketing.
Okay.
Selling digital telephone adapters.
Which were a hot commodity back then.
Yeah, right.
Because they allowed people to make
affordable international calls.
Right.
So again, it's kind of like tapping into a current need.
Yeah, she wasn't reinventing the wheel.
Right.
She was finding smart ways to meet existing demands.
So it's not always about coming up
with something totally new.
Right.
It's about being able to identify what people need
and finding a way to provide it.
Exactly.
Okay, before we move on to Odetta's portfolio income,
for someone who's new to this whole passive income thing.
Yeah.
What would be a good first step?
Like how do you even start to explore those opportunities?
That's a great question.
Yeah.
I would say a good starting point
is to analyze your skills and interests.
Okay.
What are you good at?
What do you enjoy doing?
Right.
And then think about how you can leverage
those skills or interests to create a product
or service that people would pay for.
It could be anything from online courses
to freelance writing to even starting a blog
about something you're passionate about.
Okay.
The key is to be creative and think outside the box.
So finding that sweet spot.
Yeah.
Where your passion meets a need in the market.
Exactly.
Okay.
All right, so let's get into portfolio income.
All right.
This is where things get really interesting
because Odetta's approach might surprise some people.
Okay.
I'm intrigued.
Yeah.
So she prefers investments like bonds and unit trusts.
Okay.
Which are similar to mutual funds,
but they typically invest in a fixed portfolio of assets.
Okay.
Over real estate.
Interesting.
A lot of people see real estate
as like the ultimate investment.
Right.
But she felt like it took too long to see a good ROI.
Return on investment.
Yeah.
Basically the profit you make back
on your initial investment.
Right.
And so she was all about maximizing returns
and making her money work harder and faster.
I see.
So she's playing the long game,
but she also wants to see results.
Exactly.
And she focuses on US dollars, bonds, unit trusts,
and a bit of stock market action.
Got it.
And she gives this really compelling example
of the power of compound interest.
Oh yeah.
That's a game changer.
It is.
She says if you invest just $70 per month from age 20
with a 10% average annual return,
you can become a millionaire by 65.
That's amazing.
Yeah.
It's the magic of compound interest.
Your money owns interest
and then that interest earns interest.
That's like a snowball effect.
Exactly.
The earlier you start, the bigger it gets.
The more it snowballs.
Exactly.
But I have to ask,
is 10% a realistic return to expect?
That's a really good question.
And while 10% is a good long-term average
for the stock market, it's not guaranteed.
Some years will be higher, some years will be lower.
But Odetta likely diversified her investments
to achieve that kind of return,
which is a key takeaway here.
Don't put all your eggs in one basket.
Exactly.
Spread your investments across different asset classes
to manage risk and potentially maximize returns.
So it's all about playing the long game
and being strategic with your investments.
Absolutely.
But what about debt?
Yeah, did she take on any debt to achieve her goals?
Because it seems like she had a unique approach
to this as well.
Okay, let's dive into that.
So she calls it dominating debt.
Dominating debt, I like that.
And what she means by that
is not letting debt control your life.
Okay.
She's a big believer in borrowing as little as possible
and paying it off as quickly as possible.
That makes sense.
She often negotiated lower interest rates.
Really?
Sometimes even playing institutions
against each other to get the best deal.
Wow, she's a financial ninja.
She is.
And when she did borrow money,
she made sure to pay off her loans
in a quarter of the allotted time.
That's incredible.
Yeah, I can't even imagine being that disciplined.
It definitely takes commitment.
But the payoff is significant.
She built her first house completely mortgage-free by 25.
Wow.
And she always bought her cars with cash.
That's impressive.
Okay, before we move on,
I think this is a good time to pause and ask,
what are your thoughts so far?
Yeah.
Anything standing out to you
about Odetta's approach to finances?
Yeah, what resonates with you?
Or maybe even challenges your current thinking.
Well, I think what really stands out to me
is her proactiveness.
Yeah.
She wasn't waiting for opportunities
to fall into her lap.
Right.
She was actively creating them.
Yeah.
And that kind of ties into her philosophy
on savings and investing.
Okay.
She had a goal to save 50% of her earnings.
50%?
Yeah.
That takes serious dedication.
I can barely manage 10% some months.
Right.
It requires discipline,
but it's more attainable than you might think.
Okay.
It all comes down to budgeting
and prioritizing your financial goals.
Right.
Odetta was known for being frugal.
Okay.
She shopped at discount stores,
bought in bulk whenever possible.
Okay.
And was master of finding deals.
Wow.
She even mentions turning off lights religiously
to save on electricity.
So she was really mindful of her spending habits.
Oh, absolutely.
But I'm curious, did she only focus on cutting back?
Or were there other strategies she used
to reach that 50% savings target?
That's a really good point.
Yeah.
While she was definitely mindful of her spending,
she also emphasizes the importance of finding ways
to increase your income.
Oh, okay.
So it's not just about cutting back.
Exactly.
It's about bringing in more money.
Instead of constantly trying to cut back,
think about how you can bring in more money.
Okay.
This goes back to her belief
in having multiple income streams.
So it's about thinking bigger than just our current salary.
Yes.
And kind of exploring different avenues for earning.
Be resourceful, be creative.
Kind of like those flip flops.
Exactly.
But with that aggressive savings goal,
did she ever allow herself any fun?
Yeah.
Did she just like deprive herself?
Yeah.
It seems like she might've missed out
on some of the joys of life.
It's true.
She did make sacrifices.
Okay.
She talks about not buying new clothes or shoes
for three years while she was saving for her house.
Wow.
But she stresses that it wasn't about deprivation.
It was about prioritizing her long-term goal.
Okay.
And once she achieved that goal,
she was able to enjoy the fruits of her labor.
She also emphasizes the importance
of finding joy in the process.
Oh, okay.
It's not just about the destination.
Right.
It's about finding fulfillment along the way.
So it's about making choices that are aligned
with your values.
Exactly.
And your goals.
And speaking of making choices,
one area where Odetta really stands out
is her approach to insurance.
Okay.
She seems to be a big advocate for having a safety net.
Absolutely.
Yeah.
She believes in protecting her hard-earned wealth
from unforeseen events.
Okay.
She wasn't just content with basic coverage.
Right.
She was proactive about finding the best rates
and making sure she had adequate protection.
Okay.
So she was doing her research.
Yes.
And this includes home vehicle
and critical illness insurance.
It's interesting because a lot of people,
myself included, kind of view insurance as an expense.
Right.
But she sees it as an investment.
Yeah.
In her peace of mind and financial security.
So it's about mitigating risk.
Exactly.
And ensuring that one unexpected event
doesn't derail all your progress.
Exactly.
She even says,
when you have insurance, nothing happens.
But when you don't, everything happens.
Wow.
It's a powerful reminder
that we can't control everything.
Right.
But we can take steps to protect ourselves
from the unexpected.
Okay.
So we've covered a lot of Odetta's core strategies.
Yeah.
Diversifying income, dominating debt,
aggressive savings.
Right.
Optimizing spending and protecting your wealth.
It's a lot.
But in her video,
she mentions that there's even more to her story.
Oh, there's more.
Right.
She teases additional strategies
that she covers in her course.
Okay.
And some of them are really intriguing.
Like what?
One that caught my attention was the idea
of choosing the right college major
for financial success.
That's interesting because it's not something
you typically hear in personal finance advice.
Right.
Most people focus on budgeting, investing, and saving.
Yeah.
But, you know, your education can have a huge impact
on your earning potential.
Absolutely.
Right.
Odetta herself initially wanted to be an architect.
But after facing some challenges,
she pivoted to business.
Okay.
And this decision aligned with her entrepreneurial spirit.
Right.
And she put her a solid foundation
for her future ventures.
So it's not just about following your passion blindly.
It's about finding a path that combines your interests
with real world practicality.
Exactly.
Be strategic, be adaptable.
And speaking of adapting.
Yes.
Odetta also emphasizes the importance
of developing strategies for overcoming adversity.
Oh, that's so important.
Right.
She acknowledges that life is rarely a smooth ride.
Yeah.
And that setbacks are inevitable.
They are.
But it's how we respond to those challenges.
Right.
That ultimately defines our success.
Our resilience.
Exactly.
She mentions having to overcome a victim mentality.
Yeah.
And take control of her own destiny.
Taking ownership.
Yeah.
It's about taking ownership of your choices.
Absolutely.
And finding solutions instead of dwelling on problems.
Love that.
And that ties into another intriguing topic.
She mentions mindset shifts.
Okay.
This is where it gets really interesting.
So she's not just talking about financial strategies.
Right.
She's delving into the power of our thoughts and beliefs.
The inner game.
Yeah.
How does she connect mindset to financial success?
She believes that cultivating positive character traits
like forgiveness, gratitude, and kindness
can actually contribute to financial abundance.
Really?
She shares a story about a young man
who had wronged her in the past.
Oh, wow.
Years later, she hired him to work on her second house.
And he ended up saving her a significant amount of money.
So it's like letting go of resentment
can actually create opportunities.
It's like a karmic boomerang.
Totally.
But I'm curious, does she dive deeper
into how these positive qualities actually
translate into financial success?
She explains that when you approach life
with a spirit of generosity and abundance,
it shifts your energy and attracts more positive experiences.
Okay.
It's not about expecting something in return
for every act of kindness.
Right.
But about cultivating a mindset that is open to receiving.
Okay.
She emphasizes giving from the heart
and avoiding showy displays of charity.
So it's about genuine generosity.
Exactly.
Not just using it as a means to an end.
Without expecting anything in return.
Okay.
So aligning your internal world with your external goals.
Exactly.
And that brings us to the final and perhaps the most
important element that Odetta emphasizes,
believing in yourself.
It seems like the foundation for everything else.
It is.
If you don't believe in your own abilities,
it's hard to take risks, pursue opportunities,
and make bold decisions.
Absolutely.
She shares a story about refusing a job offer
because she felt she was being undervalued.
Wow.
This experience taught her the importance of self-worth
and advocating for herself.
So knowing your value and not settling for less.
Exactly.
And you deserve.
It's inspiring to see how Odetta's belief in herself
propelled her forward.
Yeah.
But did she offer any specific advice
on how to cultivate that self-belief when you might
be starting from a place of doubt or insecurity?
That's a great question.
She talks about surrounding yourself
with a supportive community.
She emphasizes the importance of mentors and role models
who can offer guidance and encouragement.
She also talks about celebrating your small wins.
Right.
And acknowledging your progress along the way.
So it's about building momentum.
Yeah.
And reinforcing that belief in your capabilities.
Absolutely.
So it's not just about internal self-talk.
It's also about creating an external environment that
supports your growth.
Yes.
This is all resonating deeply with me.
It's not just about the practical steps.
It's about the inner work.
Right.
The mindset shifts and the belief in yourself.
The whole package.
But I have to admit, all this talk about success
can feel a bit overwhelming.
Yeah.
Where do you even begin to apply all these principles?
That's a valid feeling.
It's important to remember that Odetta's journey was a process.
OK.
And it wasn't always easy.
She faced setbacks and challenges along the way.
So it's not about expecting overnight success
or comparing yourself to others.
It's about focusing on your own unique path.
Right.
And celebrating your progress, no matter how small.
Exactly.
And that brings us to a crucial question.
OK.
What is one small step you can take today
to start moving towards your financial goals?
Yeah.
It doesn't have to be something huge.
It could be as simple as creating a budget,
reading a personal finance book,
or even just having an honest conversation with yourself
about your financial aspirations.
That's a great way to frame it.
Yeah.
It's about breaking down those big goals
into smaller, more manageable steps.
And celebrating each step along the way.
Absolutely.
And remember, it's not just about the destination.
It's about enjoying the journey.
I like that.
Embrace the challenges.
Learn from your mistakes and celebrate your wins.
Odetta's story is truly inspiring.
It is.
And it's filled with so many valuable insights.
But before we wrap up this deep dive,
Yes.
What's one final thought that you
want to leave our listeners with?
You know, it's funny because I was just
thinking about that.
Like, her story, it's not just about the numbers
and the strategies.
Right.
It's about more than that.
It's about mindset.
It's about resilience and believing in yourself.
And understanding that it's a journey.
It's not a destination.
Absolutely.
And that journey, it requires not just knowledge,
but also courage.
Yeah, to take action.
Yeah.
And I think Odetta's story is a really powerful reminder
that financial freedom.
Yeah.
It is achievable for anyone who's
willing to put in the work.
Yeah.
And embrace the process.
Absolutely.
And I think we've learned so much from her journey.
Yeah, we have.
You know, from the importance of a strong why.
Right.
To the power of, you know, diversifying income.
Multiple streams of income.
From dominating debt to optimizing spending
and protecting our wealth.
Those are all key takeaways.
And, you know, we've also gained those valuable insights
into the mindset shifts.
Right.
You know, for overcoming adversity, believing in ourselves.
Those are so important.
And it's, you know, Odetta's story is a testament to the fact
that success isn't just about luck.
Right.
Or privilege.
Right.
You know, it's about.
Making choices.
Taking action.
And taking consistent action.
Having a clear vision, you know, that drive
and the willingness to learn and grow.
To be a lifelong learner.
Yeah.
And as we wrap up this deep dive,
I want to kind of leave our listeners
with a final thought-provoking question.
OK.
I like this.
What is the one limiting belief that's holding you back
from achieving your financial goals?
Wow.
That's a powerful question to reflect on.
And once you identify those beliefs,
you can start to kind of challenge them.
Right.
Rewrite the story.
Create new empowering stories for ourselves.
And remember, Odetta's journey, it began with a dream
and a burning desire.
Find your why.
Yeah.
Find your why.
Take action, believe in the possibility.
And know it's a testament to the fact that financial freedom
is within reach.
Absolutely.
For anyone who's willing to put in the work,
adopt the right mindset.
And on that empowering note, we'll
wrap up the deep dive into Odetta's incredible journey
to financial freedom.
We hope you've gained some valuable insights.
Yeah.
And are inspired to take action toward your own financial goals.
Until next time, keep learning.
Keep growing.
Yeah.
Keep striving for financial freedom.