How John Morgan Became a Liquid Net Worth Billionaire | John Morgan — Transcript
Full transcript
- 0:00When did you become a liquid net worth
- 0:02billionaire?
- 0:02>> Recent. But don't forget, I'm making my
- 0:04money, but I got four children that I'm
- 0:06fanning out serious [music] money to.
- 0:08>> So, how did you become a liquid net
- 0:11worth billionaire?
- 0:11>> The only thing I ever put on my
- 0:13financial statement is my [music] basis.
- 0:15A lot of people book themselves, they
- 0:16go, "Hey, I bought this house for a
- 0:18million dollars, but it's really worth 3
- 0:20million." Why?
- 0:21>> Cuz you could sell it to I would say the
- 0:23same as a stock, right?
- 0:24>> equity.
- 0:24>> Maybe. Something is worth what somebody
- 0:26will pay.
- 0:27>> Correct.
- 0:28>> So, for on my financial statements, the
- 0:30only thing I put on my financial
- 0:32statements is my basis.
- 0:33>> And you don't account for appreciation.
- 0:35>> No. Cuz I'm not like myself off, either.
- 0:37When I sell it and it goes liquid, then
- 0:39it goes into my brokerage account, and
- 0:41that's real money then. And until it
- 0:43goes in my brokerage account, it's not
- 0:44real money.
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