Are you tired of trading your time for money and wondering if there’s a better way to build wealth?
If you’re ready to discover how a registered dietitian went from struggling with student debt to owning 259 real estate units, this article is for you. But if you prefer to watch the full interview and get inspired by Tony Stephan himself, check out the YouTube video here.
Tony Stephan: From $6 per Hour to Multi-Million Dollar Investor
Tony Stephan’s journey is anything but ordinary. Starting as a personal trainer making $6 per session, he dedicated himself to fitness as an escape from the financial struggles he witnessed growing up. His story serves as a blueprint for professionals who want to go beyond their current careers and leverage personal development, business acumen, and real estate to achieve true financial freedom.
The Early Years: Fitness as a Lifeline
Raised in a family that experienced bankruptcy and hardship, Tony found his outlet through fitness. Becoming a personal trainer at 18, he aspired to build a career that combined fitness and nutrition. His original plan was to open a gym and make $100,000 a year—what once seemed like an unachievable dream. However, Tony soon realized that owning a gym meant trading time for money with no real scalability.
A Shift in Mindset: Launching an Online Business
In 2015, Tony pivoted to online nutrition coaching, breaking new ground at a time when online coaching wasn’t as mainstream. He built a successful business teaching other dietitians how to launch their own ventures. With time, Tony expanded his business into a mastermind group and created educational products that sold in over 21 countries.
But as his income grew, so did his tax bill. After facing a $400,000 tax payment in 2020, Tony realized that his success needed to be managed differently. That’s when real estate came into the picture.
Discovering Real Estate: A Strategy for Wealth and Tax Savings
Tony's dive into real estate wasn’t just about building wealth; it was about gaining control over his financial future. He and his wife started with one house and now own 259 units. They use strategies like cost segregation and depreciation to reduce taxes, sometimes eliminating them entirely.
Real estate allows Tony to extract value through cash-out refinances, retaining ownership of income-generating assets while pulling out capital—something that isn’t possible with stock market investments.
Key Lessons for High-Income Earners
Many doctors, dentists, and other high-income professionals feel trapped by their careers, relying solely on one income stream. Tony and Jeff Anzalone emphasize that the worst number in business is one—whether it’s a single income source or a single client pipeline. Here are Tony’s core strategies to break free from that trap:
1. Personal Development Precedes Wealth
Your mindset sets the ceiling for your income. Investing in personal growth helps you push past limits and explore new opportunities.
2. Start a Business to Increase Your Income
Entrepreneurship allows you to escape the linear income model. Use the profits from your business to purchase cash-flowing assets.
3. Real Estate for Long-Term Freedom
Tony explains how real estate offers unique benefits, such as income generation, tax advantages, and scalable growth.
Overcoming the Scarcity Mindset
One powerful takeaway from Tony’s story is the importance of mindset. Many high-income earners fall into the trap of scarcity as they approach retirement—trying to reduce expenses and live minimally. Instead, Tony encourages professionals to think bigger, surround themselves with high achievers, and explore ways to expand their income streams.
Taking the First Step: How to Get Started with Real Estate
Tony recommends that newcomers to real estate start small and build confidence gradually. Whether it’s a single-family home, duplex, or limited partnership in a syndication, taking that first step is essential. He also emphasizes the importance of working with reputable partners to avoid common pitfalls.
Creating Additional Income Streams with Your Expertise
For those not ready to dive into real estate, Tony suggests leveraging their professional expertise to create side hustles. Whether it’s consulting, online education, or coaching, high-income earners can build additional streams of income by solving problems for others and sharing their knowledge.
Conclusion: Build Wealth, Impact, and Freedom
Tony’s story demonstrates that wealth isn’t just about money—it’s about freedom, impact, and giving back. By building multiple income streams, investing in real estate, and expanding your mindset, you can create the life you want.