How Downsizing Built a $2,000,000 Investment Portfolio (Stop Chasing Status)

Luke Morgan is a passive income investor who has built his portfolio to over $2 million in assets providing him with $28,000 in monthly income.Today Luke breaks down all the investing mistakes he made, including losing $500,000 in a span of a few months. He gives us a blueprint into building wealth intentionally, how to avoid common pitfalls, and most importantly how to change your mindset to help you attain true financial freedom.Today Luke will cover:🔹 Mindset needed for long-term investing & wealth generation🔹 Real-estate and the hidden costs of homeownership🔹 Pitfalls of chasing status and material possessions🔹 How to get started with passive income investing🔹 How to navigate risk⏱️ Timestamps:00:00:00 How to change your mindset 00:04:15 Introduction to Luke and passive income investing00:07:37 Building a $2,000,000 portfolio with $28,000 monthly passive income00:10:12 Growth mode with passive income00:11:10 Enjoying money now00:14:21 Path to investing: real-estate & cannabis00:19:52 Early wins in investing leading to a dangerous mindset00:24:36 Learning to be content and staying away from greed & envy00:30:43 Simplest way to get started with investing (don’t lose $500,000 like Luke)00:38:51 Simple investment strategy to make your kids millionaires00:44:04 Social media’s negative effects on our perception of finances for our youth00:49:40 Using social media with intent and purpose00:52:54 Just start today00:55:00 Understanding that Real-estate is a liability01:06:17 Wealthsimple & Questrade for investing in Canada01:12:41 Turning liabilities into assets