5 DON'TS When You Get PAID - The Ultimate Guide

if you put this money in the stock market well if the stock market tanks tomorrow and you need this cash well this two thousand dollars might only be worth a thousand dollars so you need this cash somewhere in a predictable liquid account once i got it up and running and going it was 250 a month passively which means i wasn't doing any work so i'm gonna start this e-commerce business i'm gonna do freelancing i'm gonna do this affiliate marketing i'm gonna do the side hustle and i'm gonna do a bunch of these things and hopefully one of these what's up everybody i am just putting singh from the minoritymindset.com where money minds rethink rich today i'm going to be doing a deep dive into your money because i'm going to be talking about some things that you should be and should not be doing especially after you get paid because i put together some of our best clips where i go over some of the things that you need to understand that way you're using your money the right way so let's get right into it you just got paid and now you got a pocket full of cash and the question is where do you blow this money before you drive on over to the gucci store and buy yourself a new wardrobe what you talking about jaspreet i can shop online now the first key to becoming rich or becoming wealthy or becoming financially free is to use your paycheck and to use your income the right way that way you can build your wealth first but that requires you to know how to use your paycheck this is where everybody says oh all you need to do is create a budget well lots of americans have a budget but most of those people don't actually use your budget there's a lot more to what you do with your money than just having a budget and keeping a budget that's why in this video i'm gonna go through step by step the seven things you need to do with your money as soon as you get paid that way you can build your wealth first but before we get into those seven things i need you to do me a quick favor and smash that thumbs up button below because the way the youtube algorithm works if you do not smash that thumbs up button then youtube is much less likely to show you and other people our financial news and education videos the first thing you have to do is have your net income deposited directly into your checking account i call it your net income because well every dollar you earn is not every dollar you keep as soon as you make money the first thing that's going to happen is the government is going to take their share in taxes so whatever's left is your net as soon as you get paid the government's going to take their share of taxes but some of you are going to have the option to invest your money before or after your taxes depending on what kind of system you use using something like a 401k so if that's something you're using at your job this would either be right here or here if you're using a roth 401k so as soon as you pay your taxes you pay your 401k if you have one that your net income needs to be deposited directly into your checking account i used to guest teach in detroit public schools and what i learned there was they had all these kids that were working jobs but many of these kids did not have a checking account where their paychecks were deposited into instead these kids were getting physical checks and then they were taking their checks and they would go over to a liquor store and then they would pay the liquor store owner one to ten percent of their paycheck to get cash for their own money so you're having to pay a liquor store owner cash to get access to your own money and then once they have this cash half of the check is going to go to cheetos and pop on the way out you need your money deposited directly into your checking account and one of the worst one of the worst things that you can do is rely on payday loans to make ends meet for two or three days the way payday loans work is for every 100 or so that you borrow your payday loan company is going to charge you somewhere between 10 and 30 now this 10 or 30 fee might not seem like a lot of money but compared to how much money you're borrowing and that 10 or 30 interest that you have to pay is just for borrowing money for a month that's why if you amortize the real cost of your payday loans over the course of a year these payday loans are actually costing you somewhere between 300 apr and 500 apr okay payday loans are destroying your wealth so create a calendar know when your money's coming in that way you can rely on your actual income and not the payday loan the second thing you have to do is save two thousand dollars in a separate savings account as fast as possible there's two thousand dollars that you want to save needs to go in a separate savings account because this is emergency money this is money if your car breaks down or if something really bad happens you can rely on this cash to protect you that way you don't have to go into debt or use your credit card to finance something that you cannot afford this money needs to be saved as soon as possible because if you do not have two thousand dollars saved up for an emergency you are in financial danger okay before they used to say oh all you need is a thousand dollars to start your savings account but that was like two decades ago now if you factor in inflation and the increased price and cost of living you need at least two thousand dollars right now saved up for an emergency so you get out of this danger financial zone the reason i'm saying this needs to go into a separate savings account not the stock market or any other investment account is because this money needs to be liquid meaning in cash which means easily accessible and it needs to be predictable if you put this money in the stock market well if the stock market tanks tomorrow and you need this cash well this two thousand dollars might only be worth a thousand dollars so you need this cash somewhere in a predictable liquid account like a savings account that way you can access it whenever you need in case you need it but this is not money you should be using when apple releases a new phone so if you do not have a separate savings account or if you do not have two thousand dollars saved up right now for emergencies what you need to do is you need to open up a new savings account tomorrow and then next time you get paid you need to save as much of that paycheck as you can as fast as possible because you need to get to two thousand dollars saved as fast as humanly possible now as soon as you get paid your net salary so this is after your taxes after your 401k investment this net income that you make is going to hit your checking account automatically then what you need to do is you need to save two thousand dollars as fast as possible in a separate savings account so if you don't have two thousand dollars saved up yet you need to take as much of your net income as possible and put this money into this account that way you can save two thousand dollars because if you don't have two thousand dollars saved up you are in financial danger then it's time for step number three now we're going to pay down your high interest debts so after you have two thousand dollars saved up what you want to do is you want to pay down any high interest debt so this might be credit card debt this might be payday loans so any high interest debt that you have you want to pay this down as fast as possible right now after you save two thousand dollars because this money is skinning you alive financially this money that you're paying 15 16 17 interest on is so expensive and it is destroying your wealth it is making your credit card company wealthy it is making your hard money lender wealthy it is making this payday loan company wealthy but it is keeping you broke you need to save this two thousand dollars first because if you don't save this two thousand dollars and you start paying down your credit card debt and then your car breaks down and then you have to pay 800 to fix your axle well now you're gonna have to go back into credit card debt to have the money to fix the car so you took a step forward and then you took two steps backward that's why you need to save some cash first while making your minimum payments and then when you have a little bit of a cushion now you need to be aggressive at paying down all of your high interest debts once you have this two thousand dollar cash savings and once you pay down this high interest debt and typically this is going to be anything that's not a mortgage that's not a student loan that's not your car payment so really anything that's over like six percent a year once you pay this high interest debt down now you're going to do four five and six at the exact same time but let's start with number four number four is investing 15 of your income so i'll put number four invest and what you're gonna do now is after you have this two thousand dollars saved up in a savings account and after you don't have this high interest debt anymore now what's gonna happen is anytime you get this paycheck you got your net money coming and hitting your checking account you're gonna take 15 percent of whatever's in there so for every hundred dollars you make 15 is going to go into an investment account so there's a few different ways you can do this and it depends on what your risk tolerance is one way that you can do this is you can open up a separate checking account in your bank and anytime you get paid 15 of your paycheck can automatically be withdrawn from your checking account here and be deposited here the reason is you want to make sure this money in your investment account is going to build you wealth you don't want this money going to buy you a new tv when tvs are on sale we talk a ton about investing on a youtube channel which is why if you have not subscribed to our youtube channel you should do that but there's a few different ways that you can invest this money depending on your risk tolerance if you don't like to take a ton of risk one thing that you can do that will give you a guaranteed return on your money guaranteed is you can pay down now your remaining low interest debt so that means your mortgage your student loans you can use this extra cash to pay down your debt faster because now if you pay down your student loans one year early you're getting a guaranteed six percent return on your money because if you're paying six percent interest to your student loan lender and you paid off a year early that six percent interest you no longer have to pay to your lender when it comes to paying down your debt there's a couple different strategies that you can use to pay down your debt quickly one's called the debt snowball and the other is the debt avalanche the debt snowball method is where now you're gonna pay down the smallest debt amount first so if you have five different debts one that's fifteen thousand dollars one that's three thousand dollars one that's four hundred dollars one that's twelve thousand dollars and one the six hundred dollars what you're gonna do is you're gonna find the smallest debt i think that was the 400 one it doesn't matter what the interest rates are you're going to pay down the smallest amount of debt first that way you can get the small wins psychologically what that tells you is wow i just knocked down one of my debts and now i can go to the second debt and then third debt so you're going to go in order from the smallest to the biggest and you're going to ignore interest rates on this because your goal is just to get the small psychological wins this is the method that dave ramsey preaches because he finds that this is what keeps people on pace to pay down the debt because now you're getting those small wins the other option is the debt avalanche method where now you're paying down your debts by the interest rates you find the debt that has the highest interest rate first and you're gonna pay that one down first because that one's costing the most money now over the long term if you can stick to both of these then the debt avalanche is going to save you more money because you're going to pay less interest but if this debt snowball method is what you can stick to then do that it doesn't matter which one you do i just want you to pay down your debt so if this one works do that if you would rather do this one then do this you can invest this money to grow your mind so that means you can use this money to buy books you can use it to buy classes to attend seminars things that will enhance your mind enhance your financial education that way you can make better decisions with your money maybe earn more money or if you don't have any debt or you want to be more of an aggressive investor you can use this money to invest directly into the stock market or into real estate one of the most effective ways to invest this money into the stock market is to create an automatic passive investment but now instead of creating a separate checking account for this what you can do is create a brokerage account that will automatically invest your money every week or every month whenever you get paid and anytime you get paid so you could tell the brokerage how much money to take out fifteen percent of your paycheck is going to automatically be invested for you every single pay period so whether it's every week or every two weeks or every month you can decide this and now this money is automatically invested you're not even going to see it anytime you get paid this money is automatically going to go into the stock market and this is going to build another investment account for you that's going to be working to build your wealth without you physically having to do anything because it's all passive if you want to learn more about how to do this our team has written articles about this on our website the minoritymindset.com and i'll also link an article for you up here and in the description below by the way this type of investing is called passive investing or you can use this money to invest in real estate and when i say real estate i don't mean a home that you're going to live in yourself i mean an investment property that you're going to rent out to somebody else the other option if you want to be more of an active investor is you can put this money into a separate checking account and then whenever an investment deal comes your way maybe it's the business idea like maybe it's real estate maybe it's a specific stock that you want to invest in when this money comes away then you can deploy this cash as an investment but it needs to go into a separate account that way you know not to accidentally touch this money and use it to buy a new tv or use it to buy airpods because it's in a separate account that's only going to be used to invest and build your wealth as you are doing this what you're also going to be doing consecutively is number five saving some money because now what's going to happen you have 15 of your paycheck going over here you also want 10 of your paycheck going here to your savings account remember the savings account is money that you're using for emergencies only okay and once you have this two thousand dollar cushion built up that's a small cushion but you need to build that bigger you ideally want to have three to six months worth of expenses saved so if you're spending three thousand dollars a month you want to have a minimum a very minimum of nine thousand dollars saved up and if you really want to be a big saver you can save a year's worth of expenses but i don't recommend really saving more than that because after that inflation is really just eating away at your savings but in order to build the savings account you need to build a system where now some of your money here 10 of your income is going directly to your savings account anytime you get paid so again this is a separate savings account and anytime you get paid for every dollar you get paid 10 cents is going to go directly into the savings account so if you make 100 10 goes here because now you're going to automatically be saving money without even thinking about it and you need this cushion to protect you from any sort of emergency that will happen that way you can sleep easier knowing that if something bad were to happen you don't have to go into debt because you have the savings cushion built remember how i said the four five and six happen at the same time well you're going to be investing this money at the same time you're going to be putting this money away for your savings at the same time and you're also going to be doing number six which is spending at the exact same time so what's going to happen now is in this account you're checking account you're now going to be left with 75 percent of your remaining net pay so i guess you can call this your net net pay because this net pay was after your taxes and your 401k another 75 is after you paid yourself it's after you invested your money to build your wealth and it's after you save your money to protect you but this is where you have to be careful because now you need to know the difference between a need and a want when it comes to spending your money this is going to sound like common sense but as we all know common sense isn't very common when it comes to the spending money you want to make sure you spend your money on needs before before you spend your money on wants now what you need to do is you really need to understand the difference between a need and a want because that might seem obvious but people's financial decisions speak very differently you need a car to get to and from work but you just want the newest bmw you need a phone you just want the newest iphone you need guacamole you just want to pay the store five dollars for an extra side of guacamole i want you to be able to buy and afford all the wants that you want the wants that you want but you need to make sure you can afford them first which is why you need to prioritize your needs before your wants because if you don't prioritize your needs before you wants what you're going to say is oh just breathe how do you expect me to save 10 of my income and invest 15 of my income but then at the same time you have 450 going to your car payment every single month you're spending 100 a month on your cell phone and you're paying 120 a month on your monthly massage membership you need to know what your needs are and your wants are right now you need to become wealthy which is why you want to make sure you're paying yourself first by investing your money and saving your money now based off of this money that's left you need to live off of this money and the only way that you can do that the right way is by knowing what you need and what you want your car your cell phone eating out and buying drinks outside are some of the biggest wants that people are turning into needs i get it you need a car you need a phone you need food but you don't need a beamer you don't need the newest phone and you don't need to be eating out five times a week those are wants that are turning into needs and that's destroying your ability to build future wealth everybody gives the example of how much money you could save if you just made your coffee at home instead of going to starbucks well i don't drink coffee so i can't relate to that but i drink tea i like nice teas and if i want to drink a nice tea it's going to cost me something like 25 cents to 35 cents and we're talking nice teas for making a glass of tea at home if i bought the same tea outside somewhere at the coffee shop or at a tea shop it is going to cost me at least at least three dollars for the same tea now if you're also eating lunch outside which i know a lot of you are it is gonna cost you or something eating healthy 14 to get a wrap and soup if you made that same wrap and soup at home assuming we're using nice healthy products it's gonna cost you something like four dollars so ten dollars here and another two dollars and fifty cents here twelve dollars and fifty cents you can save every single day five days a week just by making your tea at home and just by making your wrap at home instead of treating this want as a need and if you just calculate out how much money this would save you over the course of a year because there's a lot of people that are eating out for lunch every single day and there's a lot of people that are buying their tea or coffee from outside every single day that's two dollars and some change plus ten dollars and some change let's say 12 dollars and 25 cents times five days a week times 52 weeks a year that's more than 3 100 a year that you could save to put towards your investments towards your savings just by understanding the difference between a need and a want this one's pretty simple to understand but what about those impulse purchases you're going on amazon and you see a special deal on a new coffee maker or you see a brand new deal and a new massage gun what about that well one of the things that you can do to help understand the difference between a need and a want and really think about these purchases before you actually spend money that you don't want to spend is using something called the 24-hour rule the 24-hour rule just says that before you make one of these impulse decisions breathe and tell yourself you're going to wait 24 hours before you make that purchasing decision you are going to find that you're going to stop yourself from buying a whole bunch of unnecessary crap that you're never going to use just by thinking about it for one day alright so i just cleaned this up for you so it's easier to understand you started by getting your net income after paying your taxes and your 401k money once you get that the first thing you want to do is save two thousand dollars in a separate savings account once you get that two thousand dollars saved up then we're getting rid of all of the high interest debt once you got this high interest debt taken care of then you're going to be investing 15 of this money this money is going to build your wealth whether it's through education or paying down your debt or investing your money into stocks or real estate something that's going to help build your wealth and your financial freedom as you're doing that 10 of your money is also going to be saved in this separate savings account that way you have a cushion to protect you from any sort of financial emergency that way you can sleep easier knowing that even if something bad happens financially you are going to be okay because you have savings and then you are going to keep 75 of your income in this checking account as you're spending money but you're gonna understand the difference between a need and a want and you're going to spend your money on needs before you spend your money on wants that way you don't come over here and say oh just please how do you expect me to invest my money when all of my money is going into my beamer now it's time for number seven to buy your time back listen at the end of the day it doesn't matter how much money you have or how good your financial system is if you don't have the time to actually enjoy your life and to enjoy your money okay this whole time so far we've been talking about how to build this system that way you can use your money as soon as you get paid to build this financial freedom but now you also need to be thinking in the back of your mind how do you actually enjoy your life and the way you do that is by buying your time back that way you can do more of the things that you love because now you're going to have the money to do it because not only are you going to know what's the need of what i want but you're also going to be earning more money because your investments are going to be working to build your wealth so now as you're building this financial freedom you need to know how you can actually enjoy your life this is where you have to figure out where your time is getting the best roi the best return on investment okay at the end of the day we can always make more money but we cannot get more time the amount of time we have on this earth is limited so you want to make sure that you're using your time in the best way possible so you want to start by figuring out what things do you hate doing and what things do you wish you do not have to do anymore is it cooking is it cleaning is it getting groceries because guess what these things you can outsource you can hire somebody to cook for you he can hire somebody to clean for you you can hire somebody to get your groceries for you you just have to make sure it's worth your time right if you're making twenty dollars an hour and you can get somebody to clean your house for ten dollars an hour and that would save you four hours a week well you can just buy your time back by hiring somebody to do that it's the same with cooking and it's the same with getting groceries find the things that you hate doing and now as you're building your wealth start to use your money to buy your time back that way you have the time to do more of the things that you love plus on the flip side once you have the system now you can start calculating okay it's going to take me 35 years to where i want to be financially but if i want to shorten that time what do i got to do well one thing you can do is get a better return on your money or the alternative thing that you can do is earn more money because if you're putting more money towards your investments towards building this wealth then you can reach that financial goal quicker and so if you want to earn more money now you can think okay you can either work harder at your job to get more hours you can get a promotion or a raise to make more money or you can look for a new side hustle start a business take on a side job there's a lot of different ways that you can earn more money but in order for any of this to be possible you need to have a clear picture of how your money is being used that way you can get the best return out of your money and your paycheck before i get into the next clip if you want to download our free guide on how to manage your money better i'll put the link to where you can download it in the description below if i told you that i am budgeting my money right now that way i can live off of seven thousand dollars a year you're probably gonna think that i'm never gonna eat guacamole again or i'm gonna live in a box or i'm gonna move to a third world country but here's the thing about 50 years ago if you were living off of seven thousand dollars a year he'd been living pretty decent i mean seven thousand dollars a year 50 years ago is like 50 000 a year today this is where people think about building wealth and retirement and financial freedom all wrong because people always talk about okay when i become financial free my goal is to be able to live off of fifty thousand dollars a year but your fifty thousand dollars a year that you're thinking of is today's money fifty thousand dollars a year today is very different than fifty thousand dollars a year fifty years from now just like how seven thousand dollars a year today is very different than what seven thousand dollars a year was back 50 years ago so when we're talking about building wealth and investing your money for retirement or this financial freedom or whatever you want to call it you got to understand two things one you got to understand how your money works that way you're using the money right way and the second you got to know how to invest this 15 and why you need to be investing this 15 but before i get into that i need you to do me a quick favor and smash that thumbs up button below because the way the youtube algorithm works if you do not smash that thumbs up button and youtube is much less likely to show you and other people our financial news and education videos where the majority people think of money they related to stuff how much stuff can my money buy me if i make a thousand dollars what is this thousand dollars worth if you ask the majority of people you relate a thousand dollars to how many nights can i go out how many vacations can i go on how many nice clothes can i buy how many times can i buy extra guac so the majority people when you think about money is what stuff can i buy the reason we call ourselves the minority mindset is because we think differently than the majority of people when i want you to think about money i want you to think about money in terms of how many assets can you buy an asset is something that makes you money and so now when you have a thousand dollars or ten thousand dollars or a hundred thousand dollars i want you to ask yourself okay now that i have this cash how many assets investments can i buy which are things that are gonna make you more money when i was younger and i made money the question that i had was how can i use this money to improve my car i started by tinting my windows and i got new rims then i got subwoofers put in then i got all this other stuff put in and it was always this kind of like balance of okay i made a thousand dollars what can i do with my car oh i made two thousand dollars how can i upgrade my car so anytime i made money before it was how can i spend this money in a way that's going to better my car or whatever i have this completely changed when i started investing in real estate because after i bought my first real estate investment property it was making me something like 250 dollars a month in profit every single month and once i got it up and running and going it was 250 a month passively which means i wasn't doing any work every month 250 was being deposited into my account now all of a sudden the way i thought about money completely changed because now i'm thinking in terms of houses and real estate instead of cars because now in my mind i'm thinking okay if i can make 250 a month from one property that means from two properties i could make 500 a month with 10 properties i can make 2 500 a month with a hundred properties i can make 25 000 a month every single month passively without me having to do any work as you grow you'll start to realize that there's easier ways to do this like you might not have to buy 100 single-family homes maybe you can buy an apartment complex and some properties are going to pay you more per unit than others but in general that mindset is true now i'm thinking about assets instead of liabilities i'm thinking okay when i make money what investments can i buy what assets can i buy how can i use my money to make myself wealthier how can i use my money to build more assets how can i use my money to create more value instead of just using my money to spend on nice things you want to have your nice things i understand that but when you make money i want you to think about it in terms of assets instead of liabilities first once you start changing the way you look at money it is going to be so much easier for you to start investing your money and put more money aside to investing because before putting this money assad was a chore because now you are sacrificing a nicer car you were sacrificing another vacation you were sacrificing all these nice things but now you're not making that sacrifice now you're working more towards your goals of buying more assets because that's the way you're looking at money now you look at money as a tool to buy you more assets which allow you to have nicer things and now when you change the way you look at it it's easier for you to make more of these sacrifices to buy more assets that way you could have more freedom have more wealth and then ultimately have more of the nice things and nicer cars and nicer vacations now let's get into the numbers because if you're subscribed to our channel chances are you've heard me talk about our 75 15 10 plan which says for every dollar that you earned 15 cents is the minimum you should be investing 10 cents is the minimum we should be saving and 75 cents is the maximum you should be spending now i'm going to go over the 15 investing why 15 and what the numbers actually look like when it comes to building your wealth here's the thing investing is the real secret to building wealth for regular people it is not building the next amazon it is not finding the next hot stock before it pops it is not winning the lottery it's not having a job that pays you a million dollars a year yes these things can help but they are the exception to the rule they are not the rule so if you really want to build wealth the secret secret is investing your money and the issue here is so many people are not doing this even though i think we should know this by now it's hard because on one hand we're never taught about money like we don't go to school learning about how money works how budgeting works how investing works how to build wealth and on the second side we just don't really have kind of a a good financial culture when it comes to spending because we live in this debt culture where it is completely normal to finance your wardrobe and so this is kind of the culture that we live in and the only kind of financial education that people get nowadays is you go to your job and then your job gives you this packet which says here's your 401k information that's why right now half of america is not investing any money not a single penny at all and on top of that the people that are investing most of them are only investing their money in their 401k even though your 401k was never intended to be your sole retirement or investment plan so if we kind of diagram this out if this pie represents america that's a very lopsided pie if this pie represents america only half of these people so these people are not investing any money only half of these people are investing any money at all now out of these people that are investing any money the majority of these people so something like this are investing their money only in their 401k this is the only people that are investing their money in their 401k and out of their 401k these are the only people that are creating their own wealth and retirement outside of what's kind of just given to you out of these people that are only investing their money in their 401k which was never intended to be your sole retirement or wealth building or investment tool out of these people the average 401k contribution is just seven percent of your income so you have a huge chunk of americans that are not investing any money and then you have this big chunk of people that are investing their money but they're only investing their money in their 401k and the average contribution is just seven percent which means you have only a few percentage of americans that are investing more than seven percent of their income every single year towards their wealth towards their retirement towards their financial freedom if you really want to become wealthy you got to invest more than seven percent of what you're making now let me show you why investing a minimum of 15 percent of your income is so important let's assume that now when you're 21 years old you go out and you get a job paying you just 30 000 a year so you are making 30 000 a year and let's assume that you're investing 15 of your income every single year before taxes so that means you are investing right around 4 500 so i'm also going to assume that you're working a job where your salary is going to grow over time and let's assume that your salary just grows by an average of three percent a year now i know over time hopefully your salary will grow by more than this but let's assume just three percent a year because sometimes you're going to get a raise sometimes you're going to go to a new job maybe you'll get another bump there maybe you get a promotion but every single year you get a three percent annual bump and as you continue to make more money you continue to invest just 15 of your income if you do that between the age of 21 and 65 you are going to save so at 65. you continue to do this you are going to put aside 400 000 over these 44 years now if he just saved this cash and he started living off of let's say 30 000 a year then this 400 000 would last you about 13 years after 13 years this 400 000 would go away but you also got to remember that this is 400 000 about 44 years from now this 30 000 a year in 44 years it's not going to have the same value as 30 000 today i mean by the time you're 65 if you continue to grow your income by 3 a year you're gonna be making more than a hundred thousand dollars a year so if you want to continue maintaining your lifestyle at 65 that means you got to pull out a hundred thousand dollars a year here so your money is only going to last you four years by the time you're 70 you're going to be broke so the saving model doesn't work which is why i want you to invest this 15 a year if you invested this 15 a year and there's 400 000 put into your investments and you got a below average return for the course of your life and you only got a four percent and the return on your money if you were able to get a four percent average return on your money over your lifetime then this four hundred thousand dollars will grow to right around nine hundred thousand dollars quite a bit more but you gotta remember this is still quite a bit below average if you got an average return of seven percent a year then this four hundred thousand dollars you invested over your time would grow to 1.9 million dollars on the side for you to now use however you want and if you could grow your money by 10 a year which is just a little bit above average especially when you account for inflation then your money would not go to 1.9 million it will grow to 4.8 million dollars but the only way this is gonna happen is if you're investing 15 of your income every single year now look this is where you got to really understand money because so many people make this mistake that when they're planning for wealth or retirement or financial freedom they're thinking in today's dollars they're thinking okay i'm young today i'm hoping that i can live off of thirty thousand dollars a year or fifty thousand dollars a year a hundred thousand dollars a year because they're relating that to today's money but 30 000 a year today is not going to be the same as 30 000 a year 45 years from now that's why your income is hopefully going to be adjusted with inflation and go up by a couple percent or a few percent a year if you're 21 today and you're making thirty thousand dollars a year by the time you're 65 if your income grows by three percent a year you're going to be making something like a hundred and six thousand dollars a year by the time you're 65. so if we assume that a hundred and six thousand dollars is what it takes for you to keep the same lifestyle as 65 as you do in 21 that means you got to be pulling out a hundred thousand dollars a year when it comes time for you to retire in order to keep the same lifestyle that you have today now depending on how much money you're making that might seem like a whole lot of money or not enough money but what you got to understand is that in 45 years 100 000 a year is not gonna be as much as a hundred thousand dollars a year today so you got to kind of plan for that with your money and so if we're looking at this kind of income and you're thinking all right if i want to maintain my lifestyle i got to be pulling out a hundred thousand dollars a year if you have four hundred thousand dollars sitting there that's not gonna cut it you're not gonna have a very nice retirement or financial freedom because after a few years you're broke now here if you got the four percent a year now at least you have some more money and what you got to also understand is because this money is invested you're hopefully going to continue growing it after you start pulling money out too because you're not going to pull out all 900 000 at once at least hopefully not you're going to pull out a hundred thousand dollars let other money grow put out another hundred thousand dollars let the other money grow and kind of go on like that that way this can last you more than nine years and here assuming you can just get an average return now you really have money put aside for the rest of your life because now you got money for at least the next 20 years because even if you're pulling out a hundred thousand dollars at a time that means you have your money growing for another 18 years after you pulled this money out so you pull out a hundred thousand dollars your money continues to grow the next year because you only pulled out 100 000 you still got 1.8 million in there then the next year you pull out another 100 000 you have 1.7 million growing for you so as long as you got money in the account your money will continue to hopefully grow i want you to be an aggressive investor actually i need you to be an aggressive investor because social security is becoming a thing of the past and pensions are becoming history and so if you want to be able to take care of yourself and take care of your wealth and take care of your family and your finances you got to be the one to put it in place and you got to be the one to start taking action because you cannot rely on the government to take care of you because the government national debt is skyrocketing they have their own problems it is very hard and very painful to rely on somebody else especially the government to take care of you which is why i want you to be an aggressive investor that way you can take care of yourself and take care of your wealth that way you can live your life the way you want not worrying about what the government's going to give you now there are different ways that you can invest your money that way you don't have to actually sell your assets in order to have money in your hand like if you invest in rental properties investment real estate now you're creating passive income cash flow that way you can get cash in your hand every single month without you having to actually sell a property and if you're investing in dividend paying stocks now you're making money every quarter or every year from your stocks and you don't have to actually sell your stocks to get paid but i'll get to that in just a second now here's the thing most people don't start investing the money as soon as it turned 21. what you need to understand is the older you are the more aggressively that you need to invest just because you're older and have a start idea doesn't mean that you can't start it just means you got to be a little bit more aggressive there's in general two different ways that you can invest your money you have one way investing your money which is through retirement accounts this is through things like a 401k or an ira and then the second way that you can invest your money is through non-retirement accounts this is through creating your own stock brokerage account and investing your money in stocks or through investing your money in physical real estate not through a retirement account and so this is money you're not doing in a retirement account versus retirement accounts they can give you some tax benefits the whole purpose of a retirement account is literally to help fund your retirement because when you invest your money in these accounts you can kind of get a tax deferral right now and then your money can grow tax-free until it comes time for you to retire unless you use a roth then you're paying taxes today and then you don't got to worry about taxes when it comes time for you to pull your money out i'm not going to get into too many details on this but the whole purpose of this is for you to invest your money that way it can grow tax-free but you cannot touch your money until it comes time for you to retire if you want to learn more about that i will link a video where i've already discussed this in the description below the point that i'm trying to hammer home here is your retirement accounts are typically not enough because your 401k and ira has limits and you got to make sure now that you're not investing your money based off of what the government limits you at you got to be investing your money based off of the way you want to live your life in retirement that's why i say a minimum of 15 percent of your money needs to go towards investments some of that money can go towards their retirement accounts but if that's not hitting the 15 percent then you got to be investing your money on your own too that means maybe you got to create your own stock brokerage account or maybe you got to start investing your own physical real estate that way you can get passive income but here you got to know what your goal is first if you want to see your money grow quickly and you don't mind taking on more risk then you should consider investing your money in the stock market especially in growth companies and these kind of more startup companies where these companies are trying to grow as quick as possible as fast as possible there's more risk involved because startup companies can fail and they might not work out but you have the opportunity to see your money grow a whole lot quicker because these are companies that are working really hard to grow as big as possible and as fast as possible if you just want to see slow and steady growth in your money then you can look at investing your money in more blue chip companies these blue chip companies are your bigger established companies that have already been there for a long time they already have their systems and you're just investing your money in this company that way you can see your money grow slowly the advantage with this is you have less risk because these companies are already established you already know how they're making money and they can kind of reasonably predict how much money they're going to make and how fast they're going to grow so you have less risk and so you get lower potential returns one thing that i do want to mention about investing your money in the stock market is that the stock picking game is not for most people because picking stocks requires a lot of work a lot of research and a lot of upkeep if you're not willing to do that then instead of investing your money in individual companies like trying to find the next amazon or google or facebook then what you can do is invest in something called a fund like an index fund or an etf because these funds give you exposure to a whole bunch of different companies and so you have less risk you can put in less work but now you're kind of growing with the stock market i already made a video where i talked about that so if you want to learn more about how to do that i will link it for you in the description below if you're looking for income where now you can create cash flow or passive income coming into your account every month or every year where now you can have money in your hands without selling your assets then you want to be investing your money in things like dividend paying stocks because dividend paying stocks typically pay you a check every three months or you can invest your money in real estate because now if you own a house or you own an apartment complex now every single month the people that are living in your real estate or using your real estate have to pay you rent every single month because they're using your asset so now when you own these assets like a dividend paying stock or rental properties now you're making money consistently without you having to physically sell your asset real estate is also a really good store for your money because if you have a lot of cash and you want to put it somewhere safe then real estate is a good place to do it because now you own something physical and tangible that you can see feel and touch and that's creating income now i know real estate prices don't always go up you could see a real estate crash but in general if you own a property in a good area and you own something that people need that something they want and that you can see feel and touch the key for any of this to work though is you got to be consistent and you got to keep investing your money because investing is not a one-time thing it's not like you can just take ten thousand dollars and throw it in the market or go out and buy one investment property and say all right i'm done investing now it doesn't work like that you gotta keep investing your money consistently if you want to continue to build your wealth yes if you see a market crash then come and buy as much as you can then because that gives you the opportunity to buy assets for pennies on the dollar but in general you got to keep consistently investing if you want to build this wealth because you had to keep putting more and more money towards your investments now for a lot of people they don't want to be in the game of trying to find the best companies and do the research and find the best time to come in and buy which is why i say do it every time you get paid just create a system anytime you get a paycheck 15 of that should be automatically invested that way it kind of happens without you having to think about it and that way you don't accidentally spend this money there are apps out there that can automate this whole process for you that way anytime you get paid a portion of a paycheck will automatically be invested into whatever funds or stocks that you wanted to go to that way your money is constantly just going out without you even seeing it and that way you're not even tempted to touch your money if you want to learn more about how to actually do that our team wrote an amazing article on our website the minoritymindset.com and i'll link it for you in the description below building wealth is really a game where you got to juggle time and how much money you have to invest because the more time that you have on your side the more your wealth can compound and the bigger your wealth can grow and the more money you have to invest the faster that you can grow your wealth but the tricky thing about this if you look at it practically is most of us make more money when we're 50 or 60 than we do when we're 21. and so you kind of get more of your money towards the end of your career but you have more time in the early part of your career which is why you got to balance it out you got to start investing aggressively early that way you can put more money and have the time on your side that way you can kind of grow your money and have more money working for you and as you start to make more money you continue to keep investing 15 of your income month after month after month that way you can continue to compound that wealth and continue to keep growing your money again don't take what i'm saying as the ceiling i want this to be the floor because right now the average person is investing nothing or very little i want you to kind of up the minimum and make it so you're investing a minimum of 15 percent of what you make once you get the hang of that and up it up 20 maybe 25 depending on what you're making the more you can invest the faster you can build that wealth and the faster you can build this wealth the more assets and income that you'll have that way you can live the life you want without worrying about the price because you got your assets producing income which can fund and buy you whatever it is you want [Music] financial education is very important i mean that's what we talk about every single day on our youtube channel but for most of us the financial education that we get growing up going to school and kind of just living our lives is study hard get a good job save a little bit of money and maybe invest in your 401k but if you keep doing what the majority of people do you're pretty much guaranteed to never have a shot at ever building wealth i've always thought this to be very interesting but we're all raised with the idea of being a good productive member of society that's why we go to school that's why we're told to get a good job but what's interesting to me is none of us are actually taught the different ways that we can earn money we're not taught the ways that we should manage our money we're not taught the ways we can invest our money and we're not taught how to build wealth we're expected to just go into the workforce make money and hopefully know how to use it and that explains why the majority of people are living paycheck to paycheck they have virtually no savings they have virtually no investments and they are drowning in debt that's great news for the system because now banks get to keep you in debt for the rest of your life so anytime you get paid you're just working to make your banker rich and it's great news for big corporations because anytime you make money you're gonna spend it and make these corporations rich but it's not so good news for you because you don't get to reap the rewards of all the hard work that you put in all the money that you earned yeah maybe you can drive in a nice car maybe you get to have these nice things that make you look rich but you never get the benefit of all the money that you earned and you don't get any of the wealth the banks and the corporations do because all their money is going straight to them at this point the majority of people think oh banks are evil and corporations are evil we need to end them but i don't want you to think like the majority of people okay what i want you to do is i want you to understand how the system works that way you can stop getting abused by the system and that way you can understand how to win in this system if you're like most people you're told to go to school and then get a job and then save 10 of your income if your family's from india you're told to bust your butt in school do nothing except study study study get only a's or a pluses and then once you become a doctor because you have no other option once you become a doctor you can start living your life but you must also save 60 percent of your income i'm speaking from experience this type of financial planning might have worked a generation ago but if you try to manage your money like this today you're pretty much guaranteed to retire broke and i'll show you why but before i do i need you to do me a quick favor and smash that thumbs up button below this is one of the most common financial planning calculations that you see people say something like okay i am 30 years old right now and i want to retire and be able to live off of 50 000 a year so this is based off of how much income you're making if you are a high income earner like a doctor feel free to add another zero to this okay so you're 30 years old today and you tell yourself i want to be able to retire and live off of 50 000 a year what do i got to do but that question really doesn't make any sense 40 years ago back in the early 1980s if you had fifteen thousand dollars you would be able to afford the same lifestyle that fifty thousand dollars can give you today could you imagine somebody who was thirty years old back in the early nineteen eighties saying hmm let me budget my money and plan my money that way i could live off of 15 000 a year well now that person who was 30 back in the early 1980s is retired now or retiring now and if they were living off of 15 000 a year they wouldn't be able to maintain that same lifestyle so no ordering extra guac well i guess that's not entirely correct because if you were 30 years old back in the early 1980s and you're planning to retire now then chances are you're getting a pension or social security or both to help fund your retirement but if you plan on retiring in the next 20 30 40 years then you're not going to get that same luxury so no goal for you so before you start doing this financial planning in your head where you're trying to calculate how much money you're going to need every single year to be able to live your life financially free you got to really understand what's going on here and make sure that you're using the money the right way because if you don't and you plan to live off of 50 000 a year and this is how you're budgeting your money and this is how you plan on building your financial freedom well when it comes time for you to actually be financially free you're going to be broke because what you're going to find out is in 40 years 50 000 is not going to have the same buying power that 50 000 does today so if i go back to the traditional financial planning method that the majority people follow and you're working hard at your job and you're saving a little bit of money what happens is you're working hard you have a nice home you got a nice car you got your nice things and you're putting your extra money in the bank so now what happens is your savings kind of sit like this because your bank isn't paying you really any interest on your savings so your savings are dead they are flat but when you're saving your money you're not competing against your neighbor to see who's saving more money and you're not competing against your cousin bunty to see who has more money because we all know that bunty doesn't have any savings he's the one that's blowing all this money at gucci you're competing against the federal reserve bank because the federal reserve bank which is known as the central banking system in the united states has the power to print money the dollars that we use and so as the federal reserve bank prints more dollars the dollars that you're saving begin to have less value that's what causes the price of everything else around you to go up and that's what's going to cause this 50 000 a year to not be able to afford you a 50 000 a year lifestyle when it comes time for you to retire in 20 30 40 years and so what happens is as the fed keeps printing money printing money printed money the price of everything else keeps going up like this while your savings and your earnings have less buying power so you are effectively every single day becoming broker and becoming poorer because it's more and more money entering our circulation while your money isn't growing it's not doing anything you're working hard to earn money and you think you're doing the right thing by saving a little bit of your paycheck but when you save your money hoping to become wealthy you are indirectly becoming poorer and poorer because your savings keep losing value because everything else keeps becoming more expensive while your savings are not doing anything this whole concept of your dollars losing value is called inflation and this is why every single thing in your life keeps getting more and more expensive because your dollars have less value and less buying power so if you want to go to your grocery store you want to get something you got to provide them with more value more dollars in order to buy your regular groceries this is why life keeps getting more expensive so if you're saving all your money your money is slowly losing value and making you poorer because everything else keeps getting more expensive on average inflation is something like two percent a year now what you got to understand about this is the federal reserve bank the central banking system what i just told you is working really hard to raise this and so what they're trying to do is they're trying to print more money add their dollars into our circulation that way inflation increases by more than two percent a year which means you could see the prices of everything go up even faster that means your rent your groceries your vocations your extra guac you can expect the price of all these things to continue to get more expensive so now if you're saving all of your money well your savings aren't doing anything while the fed is working really hard to ramp up inflation which means make your cost of living way more expensive which means if you are saving all of your money you're playing right into the system's hands and you are going to end up in the losing side of the equation and you are going to continue to become poorer while the people that understand money the people that understand how the system works will continue to become richer but even if we just stick with the idea that inflation is two percent a year that means if you have a hundred dollars and you put this one hundred dollars in the bank today after one year your 100 is not gonna have the same buying power that your hundred dollars did today after one year your hundred dollars is going to lose two percent of its buying power it will only be able to buy you what 98 dollars can today this is what inflation is so every single day all your money is just sitting in the bank it is slowly losing value now if you're talking about 100 it's not that big or drastic of a difference but now let's talk about more money what if you have a million dollars in the bank just sitting there and you think you're doing the right thing makes you work really hard to save this million dollars now every single year that million dollars is gonna lose you two percent of value that means after one year you're going to lose 20 000 dollars worth of buying power just by doing the right thing or the right thing by keeping this million dollars in the bank and so over time the value of the million dollars keeps dwindling away because the cost of everything else keeps becoming more expensive that's why a million dollars today is not the same as a million dollars 30 years ago that's why people call inflation a hidden tax because you don't even see it happen it's not like somebody's coming and taking two dollars away from you today you got a hundred dollars in the bank and after a year you might have a hundred dollars and a penny in the bank and so you think you actually have more money but the hundred dollars and one penny doesn't have the same buying power as a hundred dollars does today because in the future a hundred dollars is not worth as much as a hundred dollars today and so you don't see this inflation happening you don't see it taking away your money from you you don't see it taking away the value or the buying power that you have which is why it's a hidden tax it slowly makes you poorer and you don't even see it happen this is why the majority people continue to become broker and poorer each and every day because they don't understand how this works because what they do is they're working hard at the job and then they save every dollar that they can because we're told to work hard and save a little bit of money so now the question is what do you do how do you fight the silent tax and how do you stop becoming broker and poorer because of the system and how can you use it to your advantage well the first thing you got to do is now when you start making this money you got to convert this money into assets i'm going to talk about different types of assets in just a second but what you got to understand is an asset is something that you buy for the sole purpose of making money so this is something you're buying to help make you wealthier to help create income for you to help make you richer because these are things you're buying to make your money as opposed to a liability which is something that loses you money so things like cars shoes clothes liabilities are things that you buy that don't hold their value and these are things that lose their money the one thing that i need you to understand about liabilities if there's only one thing that you get out of this video i need you to understand this our paper dollars that we work hard to earn these are liabilities too because our paper dollars do not hold their value that's why i need you to start converting these paper dollars into assets now let's talk about some of the different types of assets because you have hard assets and you have paper assets and i need you to be buying both of these but you'll understand what the difference is so hard assets are things that you can physically see feel and touch so these are things that are tangible this would be something like real estate or gold or silver so these are things that you can see feel and touch right and so real estate has value because now when you own a home you own a property that somebody else can live in somebody else lives in this property they will pay you rent and so now you have passive income and you own a physical asset gold and silver are currencies and they store value because in order to create gold and silver somebody has to physically mine it and so it takes effort to mine an ounce of gold or silver now paper assets on the other hand are things like stocks and bonds so these are things that when you buy these you're just getting a paper certificate right when you go out and you buy a share of amazon now you're getting a paper certificate saying you own a share of amazon but you don't really own anything physical or tangible like you don't own the amazon warehouse you don't own a amazon fulfillment center you just own a piece of the company and as amazon makes for money so should you the thing about these paper assets is a little bit easier to manipulate and it's harder to exactly kind of see how much value you have i mean just look at the stock market it can go up or down wildly in one day and so the risk here is that the value of your paper assets could be manipulated but the good part about paper assets like stocks and bonds is when you own stock you can exactly see how much your stock is worth today and you can sell your stock in an instant because it's very quick and easy to sell a stock as compared to something like a home because if you want to sell a home this could easily take you six months to sell a property but now thanks to the internet there are ways for you to get exposure to things like physical real estate without having to buy physical real estate this is thanks to things like crowdfunding now i'm not going to get to that in this video but if you do want to learn more about how that works and how you can do that our teamwork article on our website the minoritymindset.com that explains exactly how to do that so if you want to read that i'll link it for you in the description below but the whole idea by buying assets is you are taking this dollars this money that you are earning which is losing value and you want to convert it to something like an asset which is going to hopefully at the very least maintain its value if not create more value like when you own real estate you own a physical property and if more people want to live in the city where you're buying then that property is going to become more valuable because there's going to be more demand for that property and so now this property is creating more value because more people want to be there and so your rents are going to go up and the property value is going to go up too at this point i know some of you are probably typing out but just please i'm investing my money in my 401k isn't that enough well it's good that you're investing your money into this retirement account but your 401k is not enough you have to do more outside of that and this is where so many people make the mistake of thinking that the 401k is all they need in order to retire and live the life that they want when it comes time for retirement if you do that you are going to be met with an unpleasant surprise and so that's why i want you to start planning your money early that way you can live the life you want the way you do that is now by taking this cash that you have right this extra cash because you've got to be living below your means so you have some extra cash every time you get paid and i need you to convert this cash into assets which are things that are going to continue to make you more money that way you can get richer because of the system and not be the one that's getting poorer one thing that i do not want you to get confused here is that yes while your savings will lose value that does not mean that you should not have any savings you need to understand why you're saving money you are saving your money not to become wealthy well at least if you have the minority mindset you understand that you're not saving your money to become wealthy because your savings will never make you wealthy if you want to become wealthy you got to invest your money but your savings do have a purpose your savings are there to protect you from an emergency and so you got to have the right mindset about your savings and understand why you have them you need to have savings okay you've got to have savings and a bank is a good place to keep your savings but you got to understand why you're saving your money you're saving it to protect you when your kid breaks their arm you're saving it to protect you when your window breaks you're saving it to protect you when your ac goes out now you have savings that way you don't have to go into debt when an emergency happens but if you want to become wealthy you got to understand what's going on with your money and you got to start using some of your money to buy assets that way your money and your wealth can continue to grow because as more money is printed the value of your dollars are going to go down and the value of these assets will go up and so if you own these assets then you're going to come out on the winning side of the equation if you don't then everybody else who understands money is going to get richer while you will become poorer [Music] when i used to think of multiple streams of income in my mind that meant wow in my bank account that means one week i might get a fourteen hundred dollar check from one place and then a four hundred dollar check from somewhere else and then the next week i might get a six hundred dollar check from somewhere and then a four hundred dollar check and then next week a thousand dollar check and then the 300 check the whole idea is you're not just making income from one place anymore you're making income from four five six seven different places so you just quadrupled your income because now you got multiple streams of income coming in but the reality is it really doesn't work like that let me start by talking about the seven streams of income the millionaires have this is what every media company on the internet talks about when it comes to millionaires and how they are rich is because they have these seven streams of income so one is your earned income this is the money you make from your job one is your stock dividend income one is a rental income from your real estate one is your capital gains income from selling your investments and assets at a profit one is your interest income one is your profit income from businesses and i am missing one one is your royalty income that sounds great you go to work to get a paycheck and with your paycheck you get six other paychecks too because you got these multiple streams of income working for you here's the thing if you want to create an income stream you got to invest one of two things you got to either invest money or you got to invest time like if you wanted to start this business and get this business paying you money either you got to invest your time to build this business and get it going or you got to have the money to fund the business and have somebody else run the business that way it can make use of money if you don't got money then you got to invest your time but there's only so much time in a day like there's only 24 hours in the day and there's no way for you to build seven different businesses or seven different income streams at once that means if you want to create multiple different income streams you got to be investing the money but if you don't have the money to invest in seven different income streams then you're just gonna dilute yourself way too thin and create income from nowhere the whole idea of multiple streams of income makes sense because now you're not relying on one income like if you have this accounting business and you only have one client and this client leaves you now you have no more money coming in but if you have five different clients or ten different clients that one leaves you it's not as big of a deal same with your job i mean if all of your money is coming in from your job and you have no other streams of income and then you get fired from your job now you got no other money coming in there's a few different strategies or ways to look at multiple streams of income one way is okay i want to become wealthy and so i'm going to do a whole bunch of different things because hopefully one of these things is gonna stick and make me very successful so i'm gonna start this e-commerce business i'm gonna do freelancing i'm gonna do this affiliate marketing i'm gonna do the side hustle and i'm gonna do a bunch of these things and hopefully one of these is gonna make me a millionaire number two is okay i go to work every single day and i make a good paycheck but then i'm gonna invest some of my paycheck into real estate and stocks and these passive investments that way now i can create new passive streams of income and number three is i'm gonna put all of my eggs on one basket and i'm gonna work really hard to do this one thing and create this one stream of income really big and once i do that then i'm gonna have more money to invest into a whole bunch of other things and create more streams of income let me start by talking about number one because that's where i used to think when i started my entrepreneurial journey because i used to think that becoming wealthy was kind of like a ladder i'll show you what i mean but before i get into that i need you to do me a quick favor and smash that thumbs up button below because the way the youtube algorithm works if you do not smash that thumbs up button and youtube is much less likely to show you and other people are financial news and education videos here's how i used to look at multiple streams of income i used to think that multiple streams of income and wealth kind of look like a ladder like this where each one of these steps was a different type of income that you would create so one might be your e-commerce store one might be freelancing one might be doing affiliate marketing one might be a side hustle cutting people's grass and one might be i don't know selling cakes if you create all these different income streams this ladder then eventually you're gonna get to the top and this is where wealth is sitting so if you can create multiple different streams of income like every millionaire has then you will have the income coming in to help you climb up this ladder and reach wealth because that's where everybody wants to be we all want to be at the top of the ladder and so this is exactly what i was doing i started off over here working at weddings and then i had the idea with a partner of mine to start this event planning business this is still in high school and this event planning business and this wedding business that i was working on carried on into college so i'm doing these two things and then a friend approaches me with the idea to start this t-shirt business because a bunch of people are buying t-shirts in college and we can make a lot of money selling these t-shirts so now i got this t-shirt business that i'm also kind of working on in addition to that and then i'm starting to see people make all this money in the stock market because they're trading stocks they're trading penny stocks i have no idea how this works so now i'm learning about stock market trading and trying to make some money in the stock market and then i go to the seminar and this guy is talking about this college painting business that we could start where essentially we could run our own kind of mini business and hire people to paint people's homes and make a lot of money doing that so i almost i don't actually do this but i almost started this college painting business but now the way i look at it is i got a bunch of different things going for me none of them are really making me that much money my event planning business was doing pretty good but the other things were not making me that much money but i have all these things just in case because if one fails now i got a backup i'm just throwing things at the wall and hoping something's gonna stick because if something sticks now i will have a huge thing that's gonna make me successful because now i'm climbing up this wealth ladder because i got these multiple different streams of income even though most of them are not really making that much money but they're taking a lot of time out of me when i was in this stage anytime somebody would come to me with a business idea or a money-making idea chances are i was going to jump on it because i don't want to miss out on the opportunity to make something or be a part of something that's going to make it big and so i'm just kind of spreading myself here here here here here everywhere because i want my hands and a whole bunch of buckets because just in case one of these things make it i want to be a part of that thing and so now i have my hands and myself tied everywhere but i'm not really making that much money because i'm spreading myself way too thin i am very broad i have no speciality i'm not narrow at all i'm just kind of doing a little bit of a lot i'm trying to be a jack of all trades but i'm not going really anywhere because my ladder is just staying stagnant this is what most people are talking about and preaching and pitching when they're talking about multiple streams of income it's having your hands in a whole bunch of different parts and creating a bunch of different things and trying to create these different income streams that way you have a whole bunch of different incomes coming in that way in case one fails you got something else to fall back on now this didn't work for me it works for some people but for the majority of people for the majority of millionaires out there this is not the way that most people become successful or wealthy it doesn't work like this if you've ever seen the movie yes man that's kind of how i felt when i was living like this because anytime a business opportunity or a money-making opportunity came my way i try to jump on it because i figured if this one works if it pops i'll be a part of it and then i'll be on the winning side of it but when you try to do everything at least for me when i try to do everything and i stretch myself so thin i ended up really doing nothing i had you know one income stream that was doing pretty well but the others were kind of just there and there were learning opportunities which was nice but they didn't make me any money the second type of multiple streams of income is how the majority of people become millionaires this is where you have a job you make money and then you invest some of your money into stocks or real estate or other passive investments that are working to make you more money this is the one that i talked the most about on our youtube channel because this is the one that's most accessible to people because if you're working a job now it's all about living below your means that we have some extra cash now you can deploy this cash somewhere else that way this cash can earn you more money but when you are investing this money the important thing here is you understand the risks involved and you understand the learning curve because if you understand the learning curve and you put in the effort to learn what you're doing you can get a much better return on your money because now you are not spreading yourself too thin again because you're not just throwing the money in random places you're putting your money where you know and when you know where you're putting your money you can get a better return on your money like i just turned on two very potentially lucrative investment opportunities just because i am not familiar with these investments and i'm not ready to go through that learning curve right now one was in this transportation company they were looking for a financing deal it was like a 50 000 opportunity and they were promising a really good return and the other was this hotel they wanted a hundred thousand dollar investment and they were building this really nice hotel in a grey area i turned both of these down because i'm not familiar with either of these businesses and i don't want to go through the learning curve right now to learn how these things work i want to continue investing in things that i know and when i got some more time maybe i'll look into investing in other things i talk about this when it comes to stock market investing a lot where you have to pick a strategy for a lot of people when it comes to stock market investing or just investing in general their strategy is throw your money into something and hope it makes you some money but that's not a real strategy and it doesn't work when things go wrong when you want a real strategy you got to know what is your investment criteria what are you looking for and then invest based on that because this strategy is going to help you not just when times are good but when things go wrong as well you got to know what you're looking for you got to know what your expertise is master that and if you can do that you will be able to make way more money over the long term because now you know why you're investing and you know what you're doing if you're working a job and you have an income coming in you should 100 be investing some of your money now when you're starting off as an investor you're not going to know how to invest i get that and so there's a learning curve that you have to go through but you just got to understand that there is a learning curve and as you start to learn that's when you want to go from this broad to narrow understanding of your investments where are you investing are you just throwing your money into stocks or are you throwing your money into value stocks or what type of investments are you looking for that's going to give you the best return because once you start to narrow your focus you're going to understand way more about how to use your money and understand the investments way better this is where you got to really understand the difference between an active investment and a passive investment an active investment is something where you put your time into something to make this money right like i talked about earlier if you want to create an income stream you got to either invest your time or your money so an active investment is something that requires a lot of your time this is something like your job because if you want to make money from a job you got to go into work and you got to do something that's how you get paid a passive investment on the other hand is just where you throw your money into something and then you can turn around do something else and continue to get paid the thing about passive investment which is cool is you get paid without doing a task but you're going to get a smaller return with your passive investing than your active investing because you're not putting your time in it is just your money when you invest your time and your efforts and your labor you can get a much better return on your money but there's a limit to how many active investments that you can do because we only got 24 hours in a day so you might be able to do one active investment maybe two like your job and a side hustle or a job in the evening business that you're working on but that's really it you cannot manage seven different active investments and hope to make it big with all of you got to start with one manage one grow it and then continue whenever you're making this money to invest into these passive investments things like stocks and real estate real estate isn't always passive in the beginning because there's a big learning curve you got to get through and understanding how real estate investing works but once you get past that hurdle then real estate can be very passive this is why as soon as you start making money as soon as you start getting an income you want to start putting some of this money towards your passive investments because this is how most people become wealthy and millionaires is by taking a little bit of money every single month every single paycheck and putting it towards your investments every single time you get paid that way now you're building this little nest egg that is working to make you money and as you do that you're going to build this wealth slowly and you're going to learn along the way you're going to learn the different types of investments and you're going to learn how to grow your investments so you've got to make sure you keep following some of your money into these passive investments and this brings me to the third strategy of multiple streams of income which is where you build one stream of income first one massive stream and once you do that now you diversify into your seven streams or whatever you want to have do you remember this ladder method that i talked about before now let me show you why i'm not a fan of this method anymore because let's assume that you have 50 000 and you want to start creating these multiple streams of income so you already work on a job and you got this extra 50 000 and most of your time is going to job now one of the things you're going to do is you're going to invest some of this money into the stock market so you can put ten thousand dollars into the stock market then you want to start this business because you want to create this profit income well you're already spending all this time at your job and now you got to put some money into starting this business maybe you put another 10 000 into starting this business but now you're working a full-time job and starting a full-time business while you're putting some money into your stock market investments if you really believed in your business why are you investing in the stock market when you could be funding more money into your business i mean the stock market might be able to get you a five six seven eight nine ten percent return a year on your money but if you can grow your business you can double your money in a year or two years so now you have a little bit of money going into business you have a little bit of money going into your stocks and then you want to create this royalty income so you start writing this book and if you want to write a book takes a lot of time but it also takes money to publish the book and market the book and get it out there you might put another ten thousand dollars into getting this book out there because you want to create this royalty income but now if you really believed in this book why you putting so much time and money into this different business i mean you could just be pushing this book and create this real royalty income from a book and now you want to invest in real estate on top of that and you got a little bit of money left and now you're going to put this money as a down payment to invest in this rental property but you don't know any contractors you don't know any real estate agents you don't know any real estate attorneys and so you kind of just going through the deal trying to find this way to create this passive income but you're spreading yourself too thin you had fifty thousand dollars that's a good amount of money but you're putting some money here here here here but it's not taking you anywhere because you're not believing in yourself in anything you're just spreading yourself everywhere hoping something's going to stick but when you do everything you end up doing nothing that's what for me now i look at this multiple streams of income not like a ladder but more like a wheel this looks more like a donut than a wheel but let's assume this is a wheel where now what you want to create are spokes in this wheel where everything supports the central purpose and as you kind of develop one of these spokes it helps build the second spoke and the third spoke but the important thing here is you want to focus on building just one spoke first once you can develop one spoke once you are worth a million dollars now we can start working on the second spoke and then the third spoke and then the fourth spoke and the important thing here is every time we develop a spoke this needs to help build this one these need to all kind of fuel each other that way now you can create a wheel that keeps spinning and working towards you show you what i mean by this if i give minority mindset as an example we started off just as a youtube channel of me talking in front of a camera but then slowly we started to grow and we started to make some more money and then i started reinvesting this money back into minority mindset one of the things that we did was we created a financial newsletter now our financial newsletter kind of supports our youtube channel because when you subscribe to our newsletter then we can support our youtube channel and our youtube channel supports our newsletter we both talk about financial stuff so we both educate you in a different way our youtube channel is a lot about financial education our newsletter is all about what's happening in the financial world but is creating a new stream of income for the company then as a newsletter grew now we're investing heavily into our blog and our website we have a dozen or so writers for our blog that are writing a bunch of financial education content to provide you with more valuable content more financial education and now each of these things are supporting each other if you go onto our website and read our blog well then you might be interested in checking out our newsletter and if you check out our website you might also be interested in our youtube channel but all these things are supporting each other because if you check out our youtube channel you might also be interested in our website and so all these things are supporting each other all in the financial space now we're working to develop an app and this is one of those things that's going to come on at 2021 but all these things are supporting each other where it's all in the financial media space we're all a part of minority mindset and we're all building each other each one of these spokes helps build the next one and each of them helps the previous one grow even bigger too and so now it's not these kind of different things where oh yeah let me do some affiliate marketing here let me do the shopify store here oh yeah let me do this freelance hustle here all these things are uncorrelated unrelated ladder steps now it's a wheel where everything is building each other you're trying to build the central piece the tough thing about doing this is you stop being so broad and you get narrow and the issue that i face and i know a lot of people face when they try to get narrow is you feel like you're missing out on a lot of opportunity because now you think oh i'm not doing this and i'm not doing that and i'm missing the opportunity to make money here and i'm missing the opportunity to grow my business this way but when you are not so broad then you have the opportunity to really focus and make money in a specific niche and now you're focusing and you can really be the master at one thing now when you can really master one thing then you can go out and start to get bigger and bigger because you've already mastered one thing and you built one spoke but when you're so broad and so generally try to do so many different things you end up going nowhere and nobody knows you for anything you're just there but you got to focus on one thing build this one thing and then once you are worth the million dollars doing one thing now you can really start diversifying and using your money as a tool because now you have the money to do it and you can use your money to help fund these new things these new streams of income because now you have the capital to do that and you have the one thing to help support these other things and now as you grow maybe you want to diversify and put your money somewhere else now you have the capital to do that because you have built something and now you have more money and now instead of you investing your time to build something else you have the capital to go and invest in something completely different learn how to do it and use your money as a tool to help grow it yeah maybe you're not going to get the same return as if you were the person doing it but you only got 24 hours in a day and your money can go way further than you can you can scale the amount of money you have but you cannot scale your hours and so now when you got this going now it's all about taking your money and putting it to places where you want to go yeah maybe you built this thing here now you can invest in commercial real estate here or maybe you want to invest in hotels or maybe you want to invest in startups you can kind of figure out where you want to go and specialize in that but now you got the capital to help take you there so when it comes to multiple streams of income multiple streams of income are great but you got to understand how multiple streams of income really works if you want to create these multiple streams of income so you can become successful or wealthy you're rich chances are you are spreading yourself way too thin if you're trying to do seven different things at one time what you want to do first is find one thing master that be the best at that and build that first once you can do that now it's a lot easier for you to kind of go out and be a little bit broader now because you already started narrow you have built this one thing you have created this one stream of income and now you can start putting this money somewhere else now you can start investing your money into other past investments maybe other active investments because now you have the capital to help you do that but it all starts with that one stream of income first you gotta build this one thing and once you are the master of that then you can start spreading it out if you've ever read made in america by sam walton sam walton was the founder of walmart he talks about this very concept he says that one of the reasons walmart became walmart one of the biggest retailers in the world was because he didn't diversify he kept growing walmart and he kept his eggs all in that one basket because his most important thing was to build walmart before he started creating these different streams of income he wanted to build one thing first and then then was the only time we started thinking about doing other things before i get into the next clip if you want to download our free guide on how to manage money better i'll put the link to where you can download it in the description below [Music] the whole idea behind compound interest is you're going to invest some money today this money is going to grow and now you have your money working hard to make your money and the money that your money made working hard to making money so it's almost like your money is having babies and your money is just going to keep compounding and growing which means you have more money working hard to make you money even if you're not investing your money in the traditional sense you should hopefully still be earning this type of compound interest because if you go to work every single day you're compounding your knowledge and your skills and so the longer you go to work the more skills you're going to learn and the more valuable you're going to be as an employee that's why as you get older your pay should hopefully go up too because you're compounding your knowledge you're compounding your skills and now you're more valuable which means you should be getting paid more money it's the same concept with your money except more money doesn't give you more skills it just gives you more power like this 100 bill doesn't have more skills than this 20 bill does it just has more power because assuming that one dollar will buy me a machine that's going to make me a nickel now with this 100 bill i can buy 100 of those machines with this 20 bill i can only buy 20 of those machines so i'm going to be able to earn more nickels with this 100 bill than this just because i got more power with this piece of paper than this one but this is where compounding becomes so powerful because every dollar i earn will buy me another machine that makes me a nickel and i need 20 nickels to earn a dollar this 20 bill will get me 20 nickels which will buy me one more nickel making machine this 100 bill will earn me a hundred nickels which will buy me five more nickel making machines so i'll be able to earn more nickels with this just because i got more buying power the more dollars you have the more dollars your money is going to be able to make and the longer you let your money sit there and invest and compound the more your money is going to be able to grow that's why albert einstein calls compound interest the eighth wonder of the world because now your money is working hard to earn you more money and every time your money does that you're gonna have more money that you can send out to work hard and earn you more money so it becomes a system almost like this machine that's just working to produce you more money and anytime you produce more money you can buy another machine that's going to be working to produce you more money you don't need a ton of money to start but the longer you have the more your money is going to be able to grow which is why you're going to see the biggest returns towards the end of your compounding like even if you start with just one penny and you can double your money every single day day one you have just a penny in day eight you have a dollar by day 21 you have ten thousand dollars now your money is really starting to grow and by day thirty you're going to have over five million dollars and he started with just a penny now i already know what you're thinking but just breathe if it was so easy for me to double a penny i'd already be doing that right now now i know it's not easy to double your money every single day and that's not the goal but you can do this over time there's a couple of different strategies that you can follow to compound your money and really build your wealth over time there's an active strategy and a passive way i'm going to be going over this but before i do i need you to do me a quick favor and compound that thumbs up button below actively compounding your money is literally what the word says this you are being active and you are buying something selling it and now you're using your profits to go buy something else you see this all the time in real estate you go out and you buy a hundred thousand dollar property you renovate it whatever you fix it up and you go sell this property for a hundred and fifty thousand dollars now instead of going and buying another hundred thousand dollar property you go out and you buy a hundred and fifty thousand dollar property and you renovate it and now you sell it for 225 thousand 000 and so slowly you are growing your money and compounding your money because you can do bigger deals now you can do two deals at one time you can do 200 000 deals and hopefully sell both of these for 150 000 each and now you're just compounding what you're doing you're slowly growing what you can do because you make some money and you take your profits and you reinvest it into whatever it is you're doing this is exactly what i do on youtube anytime somebody watches our videos on youtube i get paid thank you for your penny now when i get this youtube money i can take all of it and go out and buy myself some new exotic cars go get myself a new gucci wardrobe and go enjoy some fine dining at chipotle with some extra guac but what i actually do with this money is i reinvest this money back into our business that way we can grow our business bigger i'm reinvesting it back into our blog and reinvesting it back into our newsletter and i'm reinvesting it into an app that we're making i'm actively working to compound this money by sacrificing some of these luxuries today that i could buy by reinvesting this money back into the business that way i can grow the whole pie bigger when i was in college i started a cell phone accessory business with a friend of mine and we didn't have a ton of money and we wanted to start selling these like cell phone battery packs and at the time we only bought like 10 of them because that's all we could afford and so we bought 10 of these battery packs and we sold them and then we took this money that we got and our profits and we went out and i think we bought 20 battery packs and then we bought 50 and then we bought a hundred and so it was like a slow compound where we took whatever money we had to buy these battery packs we sold them then we took this money and our profits and we compounded it and that way we were able to buy more sell more buy more sell more and so you don't get to enjoy the profits when you're compounding it like this because if you're taking all of your profits and reinvesting it you're actively compounding it to grow the whole thing bigger when you do this the hope and the whole idea is you're going to start off with something small but a hundred dollars or a thousand dollars and you're going to grow into something a little bit bigger you turn a thousand dollars into two thousand dollars now you're gonna reinvest the two thousand dollars to turn into four thousand dollars and the four to eight the eight to 16 and you're gonna slowly keep growing it there is a risk though because if you keep growing it and you don't take out any money for yourself eventually there's a chance that things don't work out and now you grew your 1 000 into 100 000 or a million dollars and then things fail and if you didn't take out any money for yourself now you're left with nothing so if you're doing this type of active compounding you really just got to find the right risk balance for you because anytime you pull a dollar out that's a dollar that you cannot compound but if you keep the dollars in there then you take on more risk i mean this is one of the things that made elon musk so financially successful because in the early stages of his career when he would make 25 million dollars he would reinvest all of this money back into his business and he would leave nothing for himself because he wanted to compound and grow his dreams and his wealth by taking every dollar he had and throwing it back into his beliefs the second way you can compound your money is the passive way and this is what a lot of people think about when to think of compound investing because now what you're doing is you were taking your money and you're putting it into an investment you're gonna let your money grow and anytime your money makes money you're gonna reinvest that money back into it that way this money that you have growing is gonna keep growing even if you don't add money into the pot because your money is growing and this new money is gonna be working to make you money too when i was in high school any time we talked about compounding or investing your money in my math class the example that my teacher always gave me was investing your money in a cd in the bank or a savings account so the way it works is you put your money in the bank either in a cd or a bank account and then your money is going to grow and as your money sits there it will compound and grow because now this money that your money made will grow even more but the interesting thing about this so be right bank account you're not going to get a very good return especially nowadays savings account nowadays is gonna pay you like point one percent if you're lucky and a cd is going to pay you one percent if you're lucky so if we look at this where you get a one percent return on your money and i'm being very generous here it is going to take you a long time for you to double your money at this rate keeping your money in the bank is going to take you 72 years to double your money so you're not building wealth in this lifetime maybe your great great great great grandkids will have some decent money to play with if you're really looking to compound your money and grow your money then you need to be putting your money in assets so this would be things like the stock market if you're investing in your money in the stock market the goal is to grow your money by investing in companies that you believe in because over time these companies are going to make more money which would make the stock price more valuable for you now if i come back here to active if you do a business or flipping like we talked about there's really no limit or kind of a baseline to how fast you can grow your money here i mean it's not super unreasonable to see a 100 growth in a year so it's really kind of uncertain as to how good of returns you'll see it just depends on what it is you're doing and how good you are at it so you know there's really no baseline here the stock market on the other hand has gone up by between eight to ten percent a year historically so even if we stay on the low end here eight percent you're going to be able to grow your money much faster and the thing you got to understand about the stock market is there's a couple different ways that you can make money you can make money through appreciation which is when the price of your stock goes up and you can also make money through dividends which is when the company that you invest in literally just gives you a cash check so if you can grow your money by eight percent a year in the stock market you can double their money every nine years that's a whole lot better than 72. now if we kind of really look at compounded get money this is where a lot of people assume that you have to invest in dividend bank companies which are companies that pay you cash payments that way you can compound your money because in that case when you get this dividend then you can reinvest this dividend back into the stock market and buy more shares that way now your money is actually growing so you invest in dividend paying company this company gives you some cash then your money automatically gets invested that way you can own more shares and now as you own more shares you're going to get more dividends as you get more dividends you can buy more shares so it creates this reoccurring cycle of growth and compounding this dividend reinvestment strategy is a great way for you to build your own wealth because now anytime you get paid you're going to automatically reinvest this money if you want to learn more about how to do that our team broke this down in an amazing article on our website where it shows you one how to do this reinvestment how to invest in companies and how to find a good brokerage that does this so if you want to learn more about how to do that i'll link the article for you in the description below but what i also want you to understand is that not every company pays a dividend the only companies that really pay dividends are really you more established and more mature companies because these are companies that at the end of the year they have so much cash in their bank account they have no better use for their money because if they could reinvest this money back into their company and grow their company bigger then they would probably do that but they have so much cash where they're just like you know what let's just start giving it away to our shareholders because we have no better use for this cash and so people assume that the only way to compound their money is to invest in dividend-paying companies because these are companies that are giving you cash and when you get this cash you can reinvest it but you can also compound your money by investing in companies on the stock market that are reinvesting their profits if you find more of a startup company that you really like and you really believe in and you think is a good value and you invest in this company and this company anytime they make money they don't give it away in dividends they take this extra cash and they reinvest it back into their company so they're really not making that big of profits like on amazon during the early years about being public never made any money because any time i made money and reinvested it back into the company if you invest in a company like this then your money is still compounding because you own shares of a company that's using all of its money to grow itself and so while you're not getting this cash payment and accumulating more shares your shares become more valuable because of this compounding because the company that you're investing in is compounding all their money because they're taking all of their profits and reinvesting it and there are pros and cons to both because this type of investing we invested more of a startup type company has more risk because there's a chances this company will fail like we talked about here if you're actively compounding your money which is what this company is doing there's a chance that it could fail and so yeah they're reinvesting all their profits and they're doing everything they can but if this strategy fails then there goes your investment but on the flip side with these dividend investments because these dividend paying companies are typically larger and more mature you're going to have a safer investment which usually comes with a smaller return so you might not see the stock price go up as fast and your average dividend is typically somewhere in the two to four percent range it really depends on the company so it's not anything huge and hopefully it will go up over time but you just gotta kind of understand where you want to be it comes with lower returns here higher potential returns here but more risk the second thing is with dividends anytime you get paid a dividend you have to pay taxes on this dividend so while you take this dividend and you reinvest it you still have to pay taxes on the money that you made even though you don't actually get that money in your bank account because you're in this case reinvesting that money another way that you can compound your money is by investing your money in real estate this is my actually favorite place to invest my money because not only do you get passive income if you do it right you will also get the appreciation in the property and so with real estate when i invest my money i'm looking for a seven percent annual return on my money cash on cash minimum ideally something closer to eight percent but seven percent is my real minimum now the thing that you got to understand here is that if i get a seven percent return on my money it's gonna take me ten years to double my money but in this case the seven percent is a cash on cash return that i'm getting every single year in my pocket so if i buy a hundred thousand dollar property that means every year i'm making at least seven thousand dollars in profit hopefully every time this is going to go up if rent prices go up but that means i'm making seven thousand dollars a year and now what i can do is after 10 years i will have this cash in the bank that i can use to go and buy another property or i can just take my own cash go out and buy another property and supplement it with this money that i'm making from real estate the reason that real estate becomes so attractive now on top of this is because not only are you getting this cash flow but if you're buying your properties in a good area where people want to live then you're also going to see the property value go up too so i buy this hundred thousand dollar property and every year i'm getting seven thousand dollars a year in passive income but over time this property might go up in value to let's say two hundred thousand dollars and now if it comes time for me to sell this property i sell it for two hundred thousand dollars i can do something called the 1031 exchange it's a little loophole in the real estate world where now i can take all two hundred thousand dollars pay zero dollars in taxes and go out and buy a two hundred thousand 000 property that's going to pay me with more passive income and so when i try to do that in the stock market with dividends the first thing i had to do was pay taxes on my dividends and then i could reinvest these dividends with real estate if the property value goes up now i can sell the property pay no taxes today on those profits and go out and buy myself a bigger property that's going to pay me with more money plus even on the passive income the cash flow that i'm making from real estate this money that i'm getting here there's a lot of tax breaks that i get with real estate that i don't get with the stock market so even as i get the seven thousand dollars a year in passive income i don't have to pay taxes on all seven thousand dollars because there's other tax deductions that i can take like something called the depreciation tax deduction which says that i get to get a deduction because my property is one year older so happy birthday to your property you get a tax break so from a tax perspective you get more benefits here from real estate but real estate does come with its own downfalls because now you have to deal with more people like when you're investing in stocks you're not dealing with anybody you can go out and buy shares of amazon or lululemon or chipotle and mcdonald's and not have to deal with a single person you can do this right off your phone you want to go out and buy a real estate property you got to have a real estate agent you got to have a property manager you got to deal with a contractor you got to deal with an attorney and you got to deal with tenants and so if you don't want to be in that game the stock market is better for you plus with real estate you're in charge you're the one that actually has to make sure that your property is generating income and it's more work on your end because now you've got to be the one that's negotiating the deal and if your tenant doesn't pay or if your tenant damages the property that's the cost that you have to pay and of course the most obvious thing is that it takes a lot more cash to start investing in real estate than it does to start investing in the stock market i mean you can start investing in stocks with as little as a hundred dollars but if you want to go out and buy a property you can't do that for a hundred dollars at least not a good property now while it's your decision on where you want to invest your money here here or here the idea stays the same that you need to compound your money the whole idea behind that is anytime you make money you want to reinvest at least some of it that way your money is growing and the money your money made is growing that way you can grow your money quicker and quicker and quicker over time because the real secret to building wealth is investing yes we talk about that all the time but if you really want to grow your money quicker you got to compound your money which means you got to have more money in the fire that's burning to make you more money but i guess if you're burning money that's probably not what you want to be doing so bad example but you got to have more money working to make you more money if you enjoyed this video on this page i got a video on real estate investing that i think you'll love and while you're at it join our free finance and business newsletter and as always keep hustling they might be more willing to negotiate on the price because now they don't have to pay all this money and fees there are a ton of ways to find these visible deals and this is kind of like a whole industry in and of itself because everybody is trying to find

Channel: Minority Mindset

Views: 327,177

Rating: 4.9567032 out of 5

Keywords: minoritymindset, minority mindset, minority123, jaspreet singh, rethink rich, financial education, financial literacy, wealth, become wealthy, investing, investing 101, investing in stocks, investing in real estate, real estate investing, stock market investing, invest, passive income, investing for passive income, money management, money 101, invesing, investing for beginners, investing in stocks for beginners, investing in real estate 101

Id: YBB2te7gnJI

Length: 93min 10sec (5590 seconds)

Published: Sun Mar 28 2021