How to Double Your Income

so today we're gonna talk about doubling your income but before we talk about doubling your income I got a quick exercise for you I want you to take a minute and write down exactly what you expect to be making this year in income whatever that number is $48,000 $198,000 2.6 million dollars seventeen million dollars write that number down then right next to it write down exactly what you made five years ago what was your income five years ago and then next to that write down exactly what your income was ten years ago now if you're watching this and you're saying Pat I'm 22 years old ten years ago was twelve years old well then go every single year for the last five years and see what it looks like the whole idea is when we look at your income this year five years ago ten years ago there's a story there it sets a lot either you've been increasing dramatically either you've been flat or you had an increase in a drop off no matter what it is there's a story too so today in this video I'm gonna break down to you the average income by age in America then we're gonna talk about what the top one percenters make by age and their net worth by eight then a handful of things I want you to be thinking about on how you can double your income [Music] so let's look at the first item here which is what is the average income people make based on their age here's what we have 16 to 19 year olds there's roughly 1.7 million full-time employees ages 16 to 19 the average income for them is $22,000 your income interesting 16 to 19 then you have 20 to 24 year-olds there's nine point seven million full-time workers those ages the average income is 27,000 for 56 slightly of an increase maybe 25 percent increase right 25 to 34 is our biggest work force 29 million people who work ages 25 to 34 full-time the average income is 39,000 for 16 and then we have 35 to 44 year-olds that's 27 million give or take 49 thousand four hundred 45 to 54 there's 25 million their income is roughly 50 thousand average 55 to 64 we have 19 point 8 million 20 million roughly their average income drops up look at this two forty nine thousand six oh eight and then six five and older believe it Nona we actually have 4.1 million full-time employees in America above the age of 65 which says a lot by the way people working full-time after 65 their average income drops off to 46,000 176 so now why are we looking at this what story does this tell us it says a lot to me when I look at it here's what it looks like our income is growing from sixteen to nineteen to twenty to twenty-four twenty-five to thirty four increases 35 to 44 after 35 to 44 your income is flat matter of fact decreasing afterwards think about that income doubles more than doubles up to 44 years old then it stays flat so why does most people's income stay flat after 44 that means whatever you make at 41 years old you're pretty much gonna be making at 64 years old does that make any sense to you what happens there we'll talk about that here in a minute to highlight why this takes place to most people but this is average if you want to be average this is the market for you I also want to talk about the 1% it's on the 1% side we're gonna look at the 1% income and the 1% net worth by age here's what we found out the average 25 year old 1% or you have to make 160 to be in the 1% of 25 year olds and to be in a 1% of net worth of 25 year olds you have to have $80,000 to your name right some people are lucky to say man I hate it that's it for 25 year olds 80,000 is a lot of money for 25 year 12 in savings that's the net worth of a top 1% 25 year-old 30 you make 200k at 30 during the top 1% $400,000 of net worth 35 you make 250 you're in the top one percent net worth 1.25 million 40 you got to make 320 3.2 million net worth to be in the top 1% 45 400,000 puts you in the top 1% 5.2 million net worth 50 is 470 look at the trend everything else is for 70 to be in a 1 percent for the next 15 years is all for 70 but our 57 million puts you in the top 1% at 55 it's 8.46 at 62 9 point 4 million and at 65 if you're worth eleven point seven five million dollars you're in the top one percent of networks so what why is that well why is it that they make what they make and the average number is so much lower than what they're making here what is the biggest difference what takes place here well I'm gonna explain to you on what happens when our incomes double during these ages before I get into my points I want you to look at this year it's a basic chart so think about what events take place to us from 12 16 24 30 35 years old right around here the income stays flat but what events takes place the most here this is when our income has grown the fastest what happens we are in so many situations where we have to change we are forced to learn think about it you're watching this if you have a parent you and I didn't have a choice to go to school when we were eight years old or 12 years old or 10 years old we were forced to go to school we were almost forced to improve it was not a choice then you go into college I'll never forget the first time I went to college my professors name was Van Damme that was his name he didn't look like then and then what his name was Van Damme right and me and my friend are sitting right next to each other it's me Arman and another guy named Cogan Koga and I work with at Burger King years ago and Arman owns Raffi's place and we're sitting there here's this opening line how many freshmen is in a room would put our hands up hey freshman is just so you know this is no longer high school it's college which means I don't care if you're tardy I don't even care if you don't show up because it's college you have to have responsibility for yourself so I look at my friend Arman Hartmann did you hear what he just said right yeah I heard dude let's let's test them tomorrow let's not show up guess what we didn't show up the next I'm a terrific I don't show up the entire semester I got a W from the guy like freedom I don't have to show up to class right but we were forced to improve here then the choice hits you then we have to choose to improve and most of us when the choice is on us we kind of go on coast mode we don't longer put that kind of pressure on ourselves or an adult I don't have to be in that kind of pressure type situation in our high school is competitive entire school systems competitive your can see having to change yourself to get better income grows then eventually we get to a point where we don't want pressure anymore we stay cruise control so watch this your point number one about double and your income our income doubles the most when we recreate ourselves the most if you recreate yourself you get new results if you stay the same person all Saltz this mode is constant recreation mode how many times did you go to school in high school and it was a kid that was alert nerd the year before think about it how many times you went to high school when the kid was a nerd the year before and then all of a sudden he shows up the next year he went from nerd to being cool what happened there offseason maybe he decided to get a girlfriend offseason maybe he started lifting weights offseason maybe he took some boxing classes and then he comes back walking like this in the 11th grade like dude you were nerd last year what happened to you he recreated himself but that doesn't happen too often when we get here we're the same from 40 to 55 65 years old you recreate yourself then again recreate yourself then again recreate yourself how many do you have a friend maybe you have a friend they haven't seen for like a year and you see your friend and what do you say I don't recognize this guy he recreated himself she recreated herself if you your income earlier when we said what's your income this year versus five years ten years if that hasn't changed dramatically and you're 45 watching this 45 35 it's about the same you have not recreated yourself lately you're pretty much the same person you were 10 years ago and if you want new results you got to recreate yourself it's almost gotta be the measurement like this Thanksgiving you see your friends and family you haven't seen it for six months some of them gotta say I don't recognize you your family reunion you have you go to once here I don't recognize you Christmas I don't recognize your school reunion I don't recognize you there's got to be a part of requite recreation in order for your income to double number two this age lots of peer pressure most people hear the word peer pressure and they go automatically negative for me when I hear peer pressure I say you choose to create positive or negative peer pressure when you have positive peer pressure it's very difficult let me explain to you why you see when that peer pressure is somebody doing better than you're in an environment that someone's doing better then you're like oh my gosh I'm so sick and tired of hearing this name I can't believe everybody's talking about her why is she working out as hard as she is once she's gone to the gym who cares about the diet look at his six-pack look at his muscles look how fast he's doing this look how much books he's written look what he's doing it's positive peer pressure so you either gonna rise up to the positive peer pressure or you gonna run away very simple you a fight or you gonna flight or you're gonna freeze oh my gosh I'm not in this league but one of those three is gonna happen to your right so when you get older that peer pressure gets less and less and less you surround yourself around all the friends that are just warm and fuzzy because you're no longer like positive peer pressure if a friend makes more money than you unknowingly hear me out if a friend is way more successful than you and they put too much positive peer pressure sometimes you push them away and you don't even know you're pushing them away let me say one more time you I'm speaking to you you may have a friend that kicks your butt but you're so sick and tired of losing to her or to him that only you know this you push this run away slowly but surely you don't even know you're doing it and in all of sudden your peer pressure goes lower and lower and lower because everybody around you is at your level and they're no longer put in that peer pressure for you increase yourself so what happens you become this story and you stay the same that friend who is competing and trying to improve it's not trying to make you feel inferior he's just trying to recreate himself constantly and you're done recreating yourself if you are that guy's gonna go to whole different level if you also want to go there go add some more positive peer pressure in your life matter of fact ask yourself right now who the five friends that put a lot of peer pressure on you and that tell you a lot about what's taking place number three this is gonna be again a little confusing but it's gonna make sense you by the time I'm done it's gonna sound like I'm on shrooms or I'm smoking something but it makes sense to here in a second listen listen listen to me as you're here not a lot of funerals you go to right when you're here to go a lot of birthday parties graduations things like that right maybe when you get here go to college graduations maybe when you get to you go to some weddings but when you get to here you started telling some funerals and let me tell you what kind of funerals throws people off the kind of funerals that throws people off is the following so say a good friend of yours I had a friend of mine he passed away on the day he passed away he took 50 vicodins he died I took this guy to Rehabilitation Center all over the place he died but he died because he couldn't drop vicodin and that eventually got you on okay and it was my best friend in the world one of the most difficult days of my life when I got that phone call I remembered exactly I was in a black Lincoln Towncar Wood who Quora Granum jim and another guy i was driving i got the phone call I cried for thirty minutes and I was supposed to speak that they had a session in Diamond Bar I gave that talk out people thought I was angry my best friend just died when he died so many my friend stopped using drugs because that taught us a lesson drugs can really kill you that was a big factor what hurts a lot of people and misses messes with their mind is when someone dies that you were not expecting to die let me say this again a friend who works out and they're in shape 37 years old they go to seem to have a heart attack they die a friend who's 41 years old in shape they're fine they're good they have an aneurysm and he died a cousin of yours that's younger that they died not the car accident not the ones that you expected not the person that dies because everybody knew this was kind of going to happen because that bad drug had addictions when someone dies unexpectedly and you were expecting them to live a long time here's what happens to people around these ages ready here's what happens oh my gosh what why am I not working so hard why am I putting this kind of pressure on me but babe what if and then you said with your wife or your husband you're like pavement maybe maybe we don't need to work that hard babe we live only once babe and we need to kind of backtrack and this is too much on the body it's too much too stressful and what if this and you convince yourself that if you don't go after your dreams you could die because somebody died in your life and that puts fear in you and it immobilizes you and you'll level out now some people watching this two years ago we had a presidential campaign two people ran to become a president one name was Hillary the other person's name was Donald they were both 69 years old and you know we had more stress on their lives in them nobody in the world every magazine every newspaper every news station was bash in the morning tonight that's pressure imagine being Donald's kids you have to consider about all these other names imagine being Hillary Clinton's kids you have to hear about your dad you have to your that's real pressure you can't go anywhere without somebody saying something to you they're still running for office how about the football coaches at a coaching at 69 years old Pete Carroll why is it coaching at 67 68 years old why was John wouldn't stucco why are some of these guys putting that kind of pressure on themselves because when that event took place in their lives they didn't pivot and get scared they said that happened to him I'm gonna live my life and go to the doctor and get myself checked out hopefully I can live a long time but I'm not gonna stress out overdyne overnight Napoleon had wrote a book thinking rorish many of you have read it he talked about the different kinds of fears people I want his public speaking all this other stuff he said there are so many people that are afraid of dying I had a very very good friend of mine and he would always ask me about the fear of dying he was so scared of dying and I watched this guy he was an incredible sales guy he was incredible at the business the subtle fear of death that it went into the spirit and a mom validated yeah honey slow down watch the way Patrick's working slow down what if this is that that kid went from being a top performer to playing defense to flat same income today as yet 20 years ago 15 years ago because he got afraid something got him by the way this doesn't stop there you know what else happens what people level out you'll have a friend of yours they give everything they got to business they work so hard they're doing so good and in all of some market crashes they lose everything you know what you say you say that's the reason why I don't want to start a business look what happened to Johnny he did everything right he worked so hard that's why I don't want to start a business he lost his house he got a divorce he got this we you know educated people when we go to school you know we don't need to go out there and go fight that hard because why chase money look at Johnny try to chase money look what happened to him and he fell and he used that one example as your excuse to stay where you're out for the next 30 years one example because one person lost everything that means that's going to be you you did out with divorces all this other things by the way when you're 20 years old you can eat pizza you don't gain weight okay what changes from 20 to 30 is I just had a conversation with a couple of my employees when you turn 30 this pops out so if you start eating pizza this pops out when you turn 40 this goes away let me show you what I'm talking about this touching your toes without bending your knees flexibility goes away when you're 50 stamina goes away so as this is aging and you're building as an entrepreneur yes you do got to go get executive health plans done for yourself you do have to go pay $4,000 have everything being checked out I just got an angiogram on my heart they put the dye in my heart and they checked on my arteries cuz I gotta get a check that I'm under a lot of pressure as an entrepreneur I'm an athlete right I got my MRI 45 minutes I wanted to that machine with that whole sound you hear MRI what an annoying sound right and I did that to get my brain check that am I good what's going on over here all of those things you got to do but if you sit there afraid of one day bad things happening to you because it's happening to everybody else you're gonna be sitting around 10 20 30 40 years the best earning years of your life will be gone just because of a couple your friends went through some mess and not got you to stop recreating yourself and they stay the same next point fourth one compressing time frames look people asked me Pat what can I do because I really want to have this lifestyle and I really want to get to this point I really want to get my dreams to become a reality I really want to become wealthy I really want whatever it is I really want to whatever right but I don't want it to be so slow I tell them compress timeframes I learned this a long time ago I was at a training a gentleman got up his name was rich he talked about compressing time frames and I said what do you mean he says can you fit three days in one day what does that mean three days in one day if the average person does 15 appointments and three days if you do 15 appointments in one day you're doing the average person's three days in one day and if you do that at a three year pace five-year pace then what an average person will do in thirty years you do in three years or five years I got that idea said oh my gosh this is great because you know a lot of people think they work hard because they're at the office 80 hours a week but doing what checking muesli that's not hard work check in Instagram that's not hard work I'm talking to work on the phones negotiating just this morning I went from one meeting to the next meeting to the next meeting to the next meeting to my 65 minutes of cardio today to reading the notes see what's going on in the new scene what just took place with Amazon Alibaba see what's going on with Sears see what's going on with the market being four percent up for the year on the SMP and then having that hard core negotiation with a carrier now we have five of our people in their town I'm just trying to go back in four try to take this partnership from just a regular business partnership to a real partner so we can do big things together that's all today and I'm trying to get things going right if you can figure out a way to condense timeframes you work three days in one day instead of having to work 20 years to get what other people are getting you'll be able to do it in three to five years but that means you got to condense timeframes that means got to work on Saturdays that means you got to drop TV that means you got to drop party now means you got to drop some of that stuff to double your income faster and that idea is condensing timeframes and last but not least you watch this and you see padam tired if you want me to work three days in one day give me a flippin break what are you talking about I don't want to do this what if you know in the next three years if you worked efficiently and you compress time frames you work three days in one day what if right now you're making $55,000 your income what if three years from now you get equity in a company because you're working so hard you become a leader and all of us on the buyout you get a 1.1 million dollar check you get a $600,000 check what if three years from your loss all of a sudden making $250,000 your income was 250 mean to you by the way what if all of us on your making seven figures what if some of you that are running big businesses your business goes from doing ten million year to 80 million year what if you do that what if that does take place what does that mean to your luck at the end of the day why an entrepreneur why an athlete goes at the level they go some of these athletes are on the road eight months out of the year traveling training working out flying hotels not their own house not their own bed you know when you sleep on somebody else's bed in a hotel you don't sleep the same way doing your because your mechanism is protective so you always like what is that sound it's not the same as sleeping in your own bed how do people do this why do people put their bodies through this what are they trying to do at the end of the day I have three kids I have a six of five and a two-year-old at the end of the day I have family at the end of the day I have certain things I want to fight for at the end of the day I have memories that I relive in my mind with my mom my dad my sister Iran school Germany refugee camp all these memories at the end of the day I remember being the kid afraid concerned filled with dreams what if one day what if one day what if one day what if one day I don't know if I could do but what if one day what if one day what if one day at the end of the day you're not doing this stuff to say look at the money I made I'm trying to show off to you look at my house because if that's the case you die you're replaced you're from everybody forgets about you go back and look oh who was a tap box or ten years ago no one remembers them go back and look about who to Hue it's just it's not about that it's about you're gonna look back and say one my kids are gonna realize that their daddy their mommy I had to one thing they became the best at my mommy and my daddy taught me about character because they took what they do very seriously they became prolific at what they did in their business like some like this your kid goes to private school you're there celebrating your kid goes becomes an attorney a doctor they become their own business owners they watch how daddy works they watch how mommy work they see how diligent they are they showed a level of respect there for other people on how they do business because they watched you do it they realize man my dad worked on himself my mom worked on herself she wasn't just somebody that was going out there doing all this other stuff and they realized that's my mom they're telling their peers your kids peers want to hang out with you when the day comes on your kid it's 35 years old married with kids and as a grandpa all you want to do is grandkids to be around you I want my kids to want to bring their grandkids to me and they get on one day sit there and say hey this Christmas whose house do you want to go to I want to go to Papa Patrick's house I want to melt they're climbing all over me we did a video the other than me looking like I'm 80 years old or do you know what I'm gonna look like at 80 and her climbing all over me and we're playing hey grandpa tell me some stories I'm pulling pranks on him I'm joking with them I'm just kind of seeing how they are just having a blast and the family stays together all this stuff you're doing you're not doing it to say I'm better than you and all this other stuff you're doing it because you with your Tunde you have your 60 70 80 hundred to 120 whatever your yours is you're gonna be able to make the maximum impact you can so the blood your people your family look at you and say my dad my mom is a man a woman of character I wonder one day live a life like them and that way you're making the future better than it was the past because of the example you set for the people in the future who are your kids your grandkids that's what we do what we do here aside from that everything else is boring you're gonna die you're re lumber getting all this stuff stays the legacy left behind that stays behind and that's the real value of why you may want to consider yourself fighting to get into the 1% and constantly recreating yourself because the future looks brighter would that be and said I got three things I want you to be doing number one I want you to send me a tweet and tell me exactly what you're thinking right now I want you tell me exactly what you're thinking right now after watching this video I wanna hear your feelings your thoughts what's on your mind - I want you to watch this other video called how to increase your net worth it goes a little bit deeper to how to increase your net worth and three if you haven't subscribed click on the subscribe button take care everybody I love you bye-bye

Channel: Valuetainment

Views: 498,021

Rating: 4.9083328 out of 5

Keywords: Entrepreneur, Entrepreneurs, Entrepreneurship, valuetainment, patrick bet david, how to double your money, how to double your income, how to make more money, how to be a millionaire

Id: gy-K3oLv5Bg

Length: 22min 45sec (1365 seconds)

Published: Tue Nov 13 2018