Arnold Schwarzenegger has delved into three different careers. The Austrian started his journey to stardom with bodybuilding in the 1970s. After winning a record-setting seven Mr. Olympia titles, the bodybuilding icon sought to make a fortune in acting. While the man with a $450 million net worth would earn millions through films, he didn’t need to become a Hollywood star to earn his first million dollars.

Earlier, the Austrian Oak appeared on The Fly on the Wall with Dana Carvey and David Spade. The podcast, hosted by two Saturday Night Live alums, had Arnie as their guest after the success of his new book, Be Useful: Seven Tools of Life. During the podcast, the trio discussed how Joe Weider helped Arnold Schwarzenegger earn his first million despite the high inflation rate of the 1970s.

Arnold Schwarzenegger took a financial risk back then

While talking about Schwarzenegger’s illustrious career, the hosts mentioned how the 76-year-old had earned millions. However, to their surprise, Schwarzenegger said he became a millionaire before getting into Hollywood. So, Carvey and Spade asked the bodybuilding icon how he pulled it off, as bodybuilders earned little in the 70s. To this end, Arnie had something better to share.

Arnold Schwarzenegger revealed that he made his money through real estate. While the Austrian didn’t make a fortune from bodybuilding, he opted for a better option and “started saving money.” Arnie learned that an apartment building in Santa Monica was on sale for $240,000, and he needed $37,000 as a down payment to secure the deal. However, to your surprise, the champion bodybuilder only had $27,000.

Arnold Schwarzenegger exclaimed what he did to make the downpayment, as he didn’t have savings. “So I went to Joe Wieder. ‘Can you go and loan me $10,000 for one year?'” Schwarzenegger told the podcast hosts. Joe Weider, who had realized Schwarzenegger’s potential in the late 1960s, didn’t hesitate to loan him $10,000.

Watch this story | Inside $450 Million Worth Arnold Schwarzenegger’s Insane Real Estate Empire

While Schwarzenegger put himself in debt, two years later, he would earn half a million. “Someone comes to me and offered me $500,000 For the same building,” said the five-time Mr. Universe. However, this was just the beginning of his good and popular times.

How do you think the bodybuilding legend compounded his earnings?

Arnold Schwarzenegger turned to real estate in the 1970s. While the bodybuilding legend had earned half a million from his first-ever real estate sale, he invested the money back into real estate. He mentioned that the inflation rate of the 1970s made real estate prices rise rapidly. After making a profit, Schwarzenegger bought a 12-unit apartment, sold it for a profit, and bought a 36-unit apartment. And that is how this cycle started for him.

Besides compounding his investments, the bodybuilding icon also started a construction business with his best friend, Franco Columbu. Besides being Arnie’s training partner and fellow Mr. Olympia, Columbus was a skilled bricklayer. The two friends also leverage their European origins to help them earn more through their businesses.

While Arnold Schwarzenegger has made millions of dollars from films, he became a millionaire by managing his money and investments.

Read More | “We Gave Them a Lifetime Guarantee”: 3 Years Before Losing His Best Friend, Arnold Schwarzenegger Decided to Refurbish a Wall They Built in 1971