Part 5/10:
The Turning Point: Learning from Shark Tank and Realizing the Power of Borrowing
A pivotal moment came when Mike watched Damon from Shark Tank discuss how wealthy individuals borrow money against their assets rather than selling them. This revelation prompted him to rethink his approach.
The benefits of this strategy include:
Avoiding taxes associated with selling assets
Keeping investments compounding
Using dividends and appreciation as parts of long-term wealth growth
His focus shifted from selling holdings to borrowing against them to fund further investments.