How to Double Your Money 💵💵

so recently I shot a video called 20 rules of money and one of the rules in that video was learning how to double your money and people said Pat we need to stand alone video for that so that's why we shot this video titled how to double your money so before I actually get into talking about different ways of investments and how they double and what doubles this and what rate of return all this other stuff let me first talk to you about the biggest problem most people are facing when it comes on to try to double their money you know what it is they don't have enough money that's the problem here's a stat for you 52 percent of Millennials ages 18 to 37 years old have less than $1,000 in savings and by the way only 16 and a half percent of Millennials have over 20 thousand dollars in savings only 16 and a half so what's the problem saving we need more savings we need you to have more money in your pocket so why don't people have more money in their pocket because of five different challenges income expense taxes investments identity let's start off with the first two listen when you think about your income a lot of times people say man I wanna have a very big income well you may have a big expense problem because what's left is what matters to you right the net that's left this matters to you and then there's taxes but that's a whole different discussion we'll have here in a minute so think about two examples your example number one we have somebody that makes 250 per year that's a quarter million dollar annual income many will say but I wish I made a quarter million dollar income many make a quarter million dollar income but he spends 280 a year that means he's losing $30,000 per year you know how many people I know like this hundreds of people that overspend what they make example number two somebody makes eighty thousand dollars per year but they only spend sixty thousand dollars per year they keep twenty thousand dollars per year the guy making eighty is saving more than a guy making a quarter million dollar your income so one has an income problem because this guy would love to make a quarter million the other guy has an expense from discover which wishes you only spend sixty thousand dollars per year so you may say well Pat okay I want to make more money well let's talk about your income and expense expense problem first let's first start off with income what do you do to increase your income if you have a job - then you're watching this and you don't have something you do on the side but you know every single talk show at at neither you watch Netflix all this other stuff you're wasting your time you don't really care about I have a lot of money and same you're just hoping to get lucky if you got a job and you're broke there's no reason you should be coming home at night to watch TV you should be selling something creating something learning your skill having a side house all working overtime getting another job on the side you need to be selling something and the highest paid money high speed skill that you can learn about making more money as sales so that's the income problem number two let's talk about expenses the one thing about expenses that I'll talk about I have a few points y'all start off with the first one here you need to fire your consultants if you're a business owner running a business and you're paying somebody to do your website for you just today we fired somebody literally just today we fired somebody you may have somebody doing the website for you you may have somebody doing something else for you designing a logo for you doing all this other stuff for you guess who they use they to act like they're the consultant where they go behind closed doors and they use a company called fiber which by the way this video is sponsored by fiber you just saw recently we teamed up with fiber and everyone knows you could go back to watch many videos in the past I love fiber I spend hundreds of thousands of dollars before I realize of this consultant on the slide let's develop a website for you fiber they develop a website for you let me do a logo for you for $4.99 they do it for you for 49 bucks or 99 bucks let me figure out a way how to you know clean up this contracting and this verbage that you have here there's people that editor let me do a voice over for you for $200 there's people that the voice-over is here for 20 bucks Lennox fiber fiber go back and fire your consultant and start using five in a matter of fact one of the things we discuss with fibers of following the first 100 people that go on fiber comm is two hours that go on fiber calm and use theirs you make a purchase the first 100 people that use the code path bet the first 100 Pat bet will get 20 20 percent savings on your total sale you spent $300 it'd be 240 $60 up just because your value Taner fiver has an agreement with us to give you 20% discount so fire your consultant start using fiber what else can you do to minimize your expenses renegotiate all your contract go through your monthly expense on what you're spending on a monthly basis renegotiate your phone bill renegotiate your cable bill renegotiate your cell phone bill renegotiate your you know internet bill renegotiate your everything we negotiate you drycleaners Reena go go to your dry cleaners and say man I've been a customer here for 10 years why do you rip me off give me a discount your man renegotiate your tailor renegotiate every single thing I pull my Director of Finance aside and I say who do we spend money on time to go renegotiate within the customer with them for five years how much money have we spent renegotiating time renegotiating time renegotiating time renegotiate all your contract live below your means listen for a long time for myself the reason why a lot of people don't have money and savings to be able to double that money is because they overspend why do you go to Starbucks who cares about Starbucks yeah I even own Starbucks stock I should be telling to go buy Starbucks but why are you going to Starbucks why five bucks go Dunkin Donuts a buck fifty bucks 75 go 7-eleven 75 cents what is it 99 cents how much is a dollar 20 something right you go to 7-eleven stop going to these in named places right stop going to all these places you're spending all this money on live below your means by the way I had a quarter million dollars in the bank and I was driving a Ford Focus I was bored nearly ten million dollars and I was renting I was renting a small place and I was worth 10 million nearly 10 million and nobody knew it I'm a renting everybody would say I can't believe you're a millionaire and you would live in a place like this and you would rent a Denver Post came up to me they wrote an article saying this CEO and entrepreneur believes that real estate isn't the American dream I said absolutely it's not because I was renting and everybody was criticizing me live below your means rent everything you can for a long time rent everything you can use technology on minimizing payroll if you're running a company have your employees pay higher so don't try to hire way way way too many employees have fewer employees pay higher you'll keep on royalty you don't have to constantly going through a new employees new employees new employees pay higher higher fewer and then obviously fire your consultants Nexis taxes you know sometimes I mean think about this this quarter-million dollar income guy or girl if he or she lives in New York or LA versus Texas this person's paying an additional nine to thirteen percent most likely thirteen percent just for living in New York and for living in California so watch if it's ten percent on a quarter million that's an additional twenty five thousand dollars that went to the state that you wouldn't be paying if you're living in the state of Texas Nevada I think Tennessee is one of them Florida there's five or six states they don't pay any state taxes in so by the way taxes is another issue you may be heaven so you need to sit down and figure out long term planning on what kind of money you want to really make and have you position yourself in the right place I was in Florida last week I was in Miami and I was in Orlando and I said this the state of Florida's governor must be the worst recruiter in the world because if I was the governor of Florida I would have more fortune-500 headquarters there than any other state including Texas although Texas is tied with New York right now I think they're competing for a number-one spot I'd have everybody there weather is amazing and you can pay no taxes in the state of Florida taxes is another issue that you may be facing next one is now investment so now let's talk about investments here on different types of investments on the bottom here I put four different boxes that's all all investments fall under all investments fall under these four different boxes okay you have high risk low return you have low risk low return this is like your money market account your savings your cash you have a low risk high return you have high risk high return which you wouldn't mind being here you don't want to take a lot of risk but you're having a lot out you want to have a lot of high return right high risk high return could be penny stocks okay and then the bigger the company of the stock could be lower here right for instance let's just say low-risk Walmart may be a lower risk and I don't know how to hide the return is going to be they may be here high risk low return there's a lot of investments that you go out and you buy company saying man you know a fight this company really takes off it could do this but there's not really a high return on it so lord ziun so what's your money to be here so again how to double your money this is the rule you've got to be thinking about Rolla 72 and rule of 105 okay basic math rule of 72 is how long it takes for your money to double okay so what happens is whatever interest you get per year you're divided by 72 meaning if I'm going to get 72 percent every year on my money that means it's going to take one year for my money to double if I make 36 percent return on my money it'll take my money two years to double if I make twenty four percent three years 18 percent four years twelve percent six years nine percent eight years six percent twelve years the same math applies on the 105 except this is how long it takes for your money to triple so you would take if I get fifty percent that means it will take my money two years to triple same exact thing you divide the 105 by the interest you're getting on how long would take your money to double or triple so now you may say well Pat I would love to have 72 percent is there something like that out there I will up them nine percent is there something like that out there the decision you got to make is you got to answer two things what's your risk tolerance and what's your time horizon let's talk a little bit about going back to this on the investment side okay a few things you got to keep in mind about investments people send me emails and they'll say do you think I need to invest in uber do you think I need to invest in snapchat you know do you think I need to invest on Facebook do you think I need to invest in this stock what do you think about this ticker and they'll send it to me all the time all the time and they just want me to go through the tickers and I'm not doing that I'm a series 7 broker series 6 31:26 life and health securities all this other stuff but I'm not doing that on all of them I am more concerned about you getting the right is it then trying to pick the next stock I was at the flower shop the other day and the successful Iranians who owned this flower shop and it come to me and say look everyone knows who you are and have successful as a business give us one tip on where we should invest I said I don't give those tips my goal is to make you think right if you think like you learn how to double your money if you can learn how to think right you'll double your money not one stock and not one single real estate investment or certain property how to think right so let's talk about the thoughts number one specialized specialized specialize let me explain what I mean by specializing I met an art dealer she knows everything about art out there let me tell you ever and I'm talking like three million dollar art and two million dollar art and six million dollar art and $600,000 art she knew everything about it you know how much you know about stocks this much guess what her specialty is art I know people who specialize in real estate commercial real estate they know everything about commercial real estate you know how much they know about residential this much because their specialty is commercial real estate specialty is art specialized specialize yes you want to know a little bit about everything to be dangerous so you know the language but go out there and specialize in one thing specialize on one thing next don't buy emotional let me explain to what I mean by don't buy emotion I hear a lot of people say invest in what you buy really if I invest on what I buy admitting to slurpy you know you're invested in what you buy that's like a kid I go invest into ice cream but you can't invest in what you buy I love skittles no it's not about investing what you buy this is not an emotional game this is a logical game investments is not an emotional game you got to decide logically you work your butt off did you just hear the stats I gave you 52 percent of Millennials have less than $1,000 in savings you know how hard you gotta work to make a quarter million dollars and make your millions or have $100,000 of you know investable cash do you really want to just throw it away no you don't want to do that so the point is don't buy emotionally biologically do your research find out does it make sense does it not make sense why should i why should I not do your part logically three invest what you know invest in what you know don't invest in what you don't know okay I mean for me I was sitting down the other day and I'm talking about baseball cards I'm talking about a little bit different things you're about baseball cards and this got one guy was saying Pat I heard you talk about baseball cards I think baseball cards are waste of time I said what do you know about baseball cards he says nothing I don't need to know nothing who in a right mind would go out there and buy a stupid piece of cardboard for seventy thousand dollars I said who I said my gosh you must not know nothing about baseball cards which makes sense you're not educated about it I said do you know there's a card out there called Honus Wagner T TOS 206 it's a Honus Wagner card APSA eight was bought in 96 for six hundred and forty thousand dollars I said do you want to know what that card is worth today if you wanted to buy he said what some would pay upwards of ten to fifteen million dollars for that card what if you bought that card in ninety six for six forty for ten or fifteen million dollars today a PSA five was sold for 3.2 million dollars just seven years ago some may say twenty million dollars a Mickey Mantle card 1952 Topps for instance you can put the image of our own on one of them myself a PSA a PSA nine in ninety six Marty you gotta hear this a PSA nine Mickey Mantle 1952 Topps sold for seventy six thousand dollars a PSA eight and a half sold in November of 2016 by heritage auctions a lot of credibility for 1.1 1.3 million dollars from seventy six thousand to one point three million dollars that PSA nine card is worth two three million dollars today but the point is this invest in what you know if you know nothing about baseball cards don't even listen to anything I just said nothing let it go through here don't waste your time with it if you do study Michael Jordan bgs 1015 yell one study Ted Williams 1939 play ball study a Willie Mays rookie car 1952 Topps he's 85 86 years old he's still around but who knows what's going to happen there's a lot of value upside on that study what it is to go out there and get a Jerry West rookie card study what it is to go out there and getting 1952 you know I can go on I don't want to go there the point is this invest in what you know when it comes down to investments number four stock ownership there's business ownership just so you know that don't look at it any smaller than that if I want a stock of Microsoft I'm a business owner I want a piece of it I own a piece of Microsoft that is a very very big deal to have ownership Buffett says this all the time stock ownership of a company means your business owner you own a piece of that company don't take it lightly it's just about how many more pieces of that company can you own this is how all of a sudden Buffett went from owning a few shares to a lot of shares to the majority holder guess what now this is my company because I want the most shares you can do that as well it all starts with owning one share and so I remember the first time I bought an I teach I was so excited about it for 40 1.27 dollars the first time the first time I bought an IQ shift I was 20 years old I got at the army I could I own a part of Nike I'm an owner man I was so excited and proud of myself to buy the first Nike share buy and hold very simple people look at my body and they say man you must work out you know six seven days a week all this other stuff this is a bit I am six-four six-five 230 pounds because I've been working out three times two four times a week since I was 14 years old that's a long time that I've been working out investments are the same way buy and hold so quickly when I talk about risk tolerance and time horizon what is your time horizon I want to be a billionaire tomorrow or next year buy and hold that person with patience going to beat you because you don't have patience you're trying to become get-rich-quick all this other stuff so that kind of messages appeals to you a person that watches today's message is not seeking a get-rich-quick they want to think the right way next taxes already talked about that last finales cheap goes back to me top about firing your consultants and hiring fiber right and last one identity we were in the Orlando Scott comes up and David good guy David comes up to and he says hey Pat let me ask you a question he says so you talk identity a lot how do i improve my identity and what do i do with identity all this I said listen your identity pulls your income if your identity is a half a million dollar identity it's mathematically impossible to be below half a million dollars for very long time some of you guys are saying Pat what the hell do you mean by that will you work for $20,000 here you won't will you why will you work for $40,000 here $60,000 here $100,000 here $200,000 you know million dollars you you've said yes to one of them whatever they're paying you right now do you know why because that's your identity that is your identity you may not like to hear that but it's your identity it's impossible for half-a-million-dollar your identity to be accepted in $60,000 your salary it's impossible unless if the potential is a 2 3 4 5 million-dollar your income because they got to go more than that so if you have $5,000 in savings that may be a lot of money to you and you have an identity issue if you have $28,000 and savings that may be a lot of money to you if you have 48 thousand dollars in savings that may be a lot of money to you because you have an identity issue you've got to fix this identity and how you think on what you think you deserve and all of a sudden you start pulling all of that in your life I don't know what it is it's just that's how it works so now having said all of this by the way identity there's a video on how to recreate yourself it's a good video for you to watch and if you haven't watched a video on 20 rules of money I highly recommend you watching that video but I'm not done because I want to talk to you about a few different investments okay so let's go through options you have stocks you know there's different types of stocks that you can own you can own a stock of a small camp it's a smaller company that's going up mid-cap large cap you know you can you can buy stocks and companies that I've been on for a long time they're very established can buy stocks and newer companies can buy stocks like technologies and by the way Warren Buffett's philosophy isn't to diversify but warren buffett's investments were actually very concentrated to industries it wasn't about spreading you too much he he specialized in industry and he concentrated on owning companies in that industry is a very big fan of insurance by the way warren buffett so he concentrated write stocks are the same exact way first start studying what industry want to concentrate on then start picking your stock and slowly but surely start watching them one by one by one if that's the route you want to go to bonds are another one bonds are your returns on bonds are going to be lower then we're going to be higher on us if you're getting junk bonds which junk bonds are companies that are risky companies that are coming to you for long because bond is really an IOU I come to you I'm a company I say we're trying to raise fifty million dollars and the way we get it is by giving you bonds you give me a hundred thousand dollars and every year I give you six percent on that bond which one hundred thousand out of six percent six thousand dollars to you and then ten years later the bond matures five years later bond matures and it gets $100,000 back at a higher or lower eighty thousand or 120 thousand depends on where you're at but that's bond you're not really going to get the highest return on bonds depending on what age you are and your risk tolerance bonds are great investments if your boomer hire again you're looking for lower return for more guarantees wine is something a lot of people look into messing into wine I know a friend of mine that has a half a million dollars of wine collected for himself and he knows it but why does he do it and I don't even touch it do you know how much I touch one this much you know why so I don't know nothing about the investment side of wine I have a good glass of wine with my friends but asked me to go specialize I have this much interest and wanting to specialize in wine but he does so wine is a tricky business it's almost like some of my friends that are trying to get into a horse races and go to Kentucky Derby and start you know breeding horses all this stuff there is money in it but it's risky if you know the right trainers and the right people great but it's not something I'd be encouraging you to start a messenger right now if you got ten million dollars to throw away and your billion are watching this and it's on your bucket list to say I had a horse that race in Kentucky there we go dude I may do that one day honestly don't be surprised at 10 20 years from now have a horse in Kentucky Derby just to secret into my bucket list I love the Derby I love horses I just don't know if that's going to be the way I want to make my money currency a lot of people said can you talk about currency if you want to specialize in it there are people making money but it's a very small percentage of people that are making money in currency options very risky those who know it they make money flipping real estate I got friends that flip real estate they do it very well it generally is about flipping real estate I would say the most important thing in flipping real estate is about you know the team you put together painting same thing collectibles already told you about collectibles rental income real estate and last but not least is becoming an investor in businesses which is what I prefer to do that's what I like listen in here you'll notice the four ba categories this is from Robert Kiyosaki cashflow quadrant right you got the left side the right side employee top left then self-employed 1099 then you have business owners who are 1099 and they have employees that work for them and then you have the investor I'm going to tell you here right now the fastest way for you to double your money or me at least this is how I am fully bought into this and increase your income and minimize this and have taxes be on your side and increase your identity investments all this stuff look I will debate anybody over and over and over again when they get up and they tell me real estate investment is the way to go look go through Forbes 400 fortune you know go through Forbes 500 the richest people in the world go through them and see how many them made their money off real estate now watch before you debate it people say hi you can say that they all own real estate how did they make their money how do they make their money entrepreneurship starting a business owning a piece of the business equity private equity investing I want to own a piece of this a start-up a risk what a business has the highest x-factor highest upside that's a business that's what you get into not on the other side of saying I'm going to go out themselvess Tate and then when these guys become you know you're worth 10 million 20 million 50 million 100 million a half a billion of billion dollars then you have to buy real estate then they go buy real estate of course then they start making some money on real estate and they have these rental income on all this other stuff but I'm going to tell you the number one way for you to double your money and have more money to help you with income is you've got to go out there and start a business you've got to go out and be an entrepreneur there's nothing above it I'm telling you right now I'm going to keep preaching this until God takes away my ability to speak to you or until I say I'm done producing videos on value tainment one of those two is going to happen I could stop saying I'm going to stop making videos 90 days from now we finish this whole thing or somebody may say Pat it's time for you to leave but I'm going to make sure to the done till the day I'm done I'm going to be preaching entrepreneurship to you so above everything I just talked about here fixing your income from learn how to sell become an entrepreneur and then specialize in what fits with you and it starts slowly but surely investing into that part of the business so if you haven't subscribed to this channel yet click on the button to subscribe if you're not part of the notification squad click on the button right next to you may have a lot of questions and thoughts about this video comment your questions your thoughts post them on the bottom and we will get back to you I'm sure there's a lot of good questions I want to hear your good questions that you have about today's videos take everybody's provide [Music]

Channel: Valuetainment

Views: 1,134,964

Rating: 4.8555627 out of 5

Keywords: Entrepreneur, Entrepreneurs, Entrepreneurship, Entrepreneur Motivation, Startup Entrepreneurs, How to Double Your Money, how to make more money, money, rich, success, wealth, millionaire mentor

Id: eh5VcbLHMeI

Length: 25min 57sec (1557 seconds)

Published: Tue May 23 2017