Multimillionaire father didn’t mind when his son dropped out of college

• Greg Clement built a net worth of $70 million through real estate and software development.
• He lives on a farm and says working on the farm shows his sons’ gratification is delayed.
• Clement still works and forgoes private jets for his camping vacation.

This essay is based on a conversation with Greg Clement, founder of Freedom Science. It has been edited for length and clarity.

I grew up in a family that lives paycheck to paycheck. For anything beyond the bare necessities, I had to find a way to pay for it myself. When I was old enough to drive, I bought a car and then took care of gas and insurance. Later I financed my studies through work take out loans.

Since my family worked in the construction industry, I was practical. As a young adult, I began to find old houses to flip. The beginning wasn’t lucrative: my first flip earned me $600 after more than 100 hours of hard work. But I learned quickly and my next deal paid me $40,000. I continued to grow my real estate portfolio and also developed software to help others in the real estate business.

I became a millionaire at the age of 33 Real estate investment. Today, at 50, my net worth is around $70 million. This brings with it a lot of security. I have the financial freedom to spend my time doing whatever I want, with whomever I want. But in many ways my life doesn’t look like what people imagine that of a multimillionaire to be.

I still go to work

In addition to selling real estate, I also worked as a real estate agent Financial planner I worked for seven years in my twenties, giving me a behind-the-scenes look into the lives of many high net worth individuals. I was shocked that one of my richest clients was still working. I thought, “I’m going to be different than you.” I thought if I had enough money, I wouldn’t work.

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Now I’m still working even though I could retire easilyand I realized that a job is about much more than just money. I live a purposeful life that includes work that I enjoy and am good at. I invest in real estate and run several businesses, including a real estate investing course using the software I developed. I have created a rhythm in which work fits into a fulfilling day.

I live on a farm and teach my children to think like farmers

I live on a 150 acre apple orchard in Ohio. It’s beautiful, but it’s also a working farm property. My wife and I grew up here met during high schooland both came to the farm as children to pick apples. We bought the farm to prevent its development.

We also realized that the farm would be a tangible family business that our three sons – now ages 16, 22 and 24 – could learn from. Many people today want instant gratification: starting something today and making money tomorrow.

Our sons were forced to grow up as farmers. They understand that trees will take three years to bear fruit when we plant them. You have to work hard and wait to reap the harvest, and I want them to take this lesson into their lives.

I didn’t buy my children cars

I could have easily bought my sons’ first cars for them, but I wanted them to work toward that goal. When they were about 14, my wife and I explained to them that we would pay for half of their first vehicle and they would be responsible for the other half. They would also have to buy their own gas.

I paid for college and allowed my son to drop out

I told my sons I would do it pay for their college education. My oldest has a degree in business administration. My middle son enrolled in college and completed two years before realizing college wasn’t for him.

We had an honest conversation, without emotions. I didn’t get frustrated or feel like I wasted the tuition because it took him those years to understand that this wasn’t the right path for him. As long as he continues to move forward, I have no problem with him has no degree.

Money measures actions, not value

I learned that money is not a currency of dignity. Having money doesn’t make you good, and some people make money by pretty poor means.

For better or worse, money is attracted to trading. There is no such thing as a million dollar idea unless you act on it. When my son dropped out of college, my biggest concern was that he would be able to continue because actions are the path to success. He took my real estate investing courses and I gave him free access to our software (which normally costs $100 per month) so he could build his real estate portfolio.

Health and relationships are just as important as money

Later in my career, I began coaching others on how to make money in real estate. I was surprised to see that some of my most financially successful students were failing in other areas of their lives: they were out of shape, mentally ill, or had marriages that were falling apart.

My Idea of ​​wealth means being able to do whatever you want, with whomever you want. But for this to work, you need good health and good relationships. People associate money with freedom, but health and relationships are just as important.