"Ninety percent of all millionaires become so through owning real estate."

That's the famous quote by Andrew Carnegie, who became very wealthy building the U.S. steel industry — and later became less wealthy by building a legacy of philanthropy in funding more than 2,500 libraries around the world.

But is that quote true today? Some quick research on the web shows that the 90% claim can't be verified in today’s world — or even in Carnegie's world from over a century ago — but that real estate investing does make for a "powerful tool" for wealth building. 

No surprise around here!

 If we're focusing in on KREIA's part of the world, it's safe to say the quote is true. Most of the millionaires in KREIA did in fact become wealthy through real estate.

Granted, the scale of wealth in being a millionaire today vs. over a hundred years ago is a little different, but what we should focus on is that real estate does produce wealth.

If you own enough rental properties that the cash flow pays for your bills, you are financially free.

If you own above a certain number of Kentuckiana rental properties — or are on the path to paying them off even if you don't yet own them outright — you are a millionaire. At least on paper. Just 10 to 20 average properties can do it. And if you have a lick of common sense, those properties will launch you into wealth and keep you wealthy through: 

• Cash flow (rental income)
• Appreciation
• Tax advantages
• Leverage

Do you know how many millionaires there are in KREIA? We can't say for sure, because people are understandably cagey about what's on their balance sheets ... but ask around and do a tally of how many in our group own more than 10 houses. (You'll find out eventually, and hint: More folks than you'd think.)

And how long does it take to acquire 10 or more rental properties? We know of local investors who went from Square One to 10+ doors in under five years. 

Would you like to know how they did that? You're in luck! On Thursday, June 26th, several local investors are going to give us the short course on wealth creation in Kentuckiana:

• How they reached financial freedom and pushed through to wealth
• How you can do it too in today's market

At our June main meeting, you'll learn from Erik Hitzelberger, Jay Bowman, and Dennis Erhard. These three guys are very successful. They've been investing for over 20 years, and they're active in the market today.

Do yourself a favor and be in the room when they speak!