The KEY SIGNS You Are Building WEALTH & Outpacing Your Peers Financially!

this is how you know you're one step ahead of the rest I want to challenge my friends to to rock out with me to get on my level because here's what I'm doing I have friends who are outpacing me they're ahead of me and I'm trying to catch up to them I'm going to make sure that my my kids are set up for wealth before I take care of my parents because their responsibility was to take care of themselves and then also take care of me now before we hop into Today's Show be sure to like comment and subscribe now let's jump into the video so here's the very first sign that you're financially outpacing your peers and it is you are consistently growing your savings account you're consistently pursuing and saving for the future this means that you're able to put money aside each and every single month a steadily increasing your financial safety net and this is extremely important you guys because a lot of people are not actually doing that those who can save consistently are less likely to experience Financial emergencies and have a greater sense of Financial Security now I wrote down some of the actual statistics when it comes to where we are when it comes to the people saving in America and in fact 68 of people are worried that they wouldn't be able to cover their living expenses for just one month if they lost their primary source of income today and when we and when push comes to shove the majority 57 of us adults are currently unable to afford check this out a 1 emergency expense furthermore the report the report showed that 25 25 say one more time 25 of people would take on a credit card will take on a credit card we'll go and get a credit card and have credit card debt to cover a one thousand dollar emergency expense and paid off over a longer period of time so in other words instead of putting a thousand dollars inside a savings account they'll go take out a credit card with a 18 to 24 interest rate sometimes even up to 30 percent and on a thousand dollar emergency that files our emergency over a year time frame could cost you about 15 16 1700 bucks this is ridiculous you guys this this is absolutely ridiculous why are we not able to save and so the very first sign that you are ahead of your peers is if you honestly have a thousand dollars in your emergency fund I want you to really think about it if you put 10 peers right in front of you nearly six of them do not have a thousand dollars in their savings account only four of them will have that are you one of those six but if you're rocking with me you're not one of those six you got at least a thousand dollars emergency fund because you're eliminating your debt but if you have no debt you need more than a thousand dollars inside of your emergency fund you need at least three to six months of expenses inside of your emergency fund if you are out of Consumer Debt meaning as if all your debt excluding your mortgage is paid off why is it so important to have an emergency fund I mean we can see right now that a lot of people are saying that hey we cannot um we we we we're not really saving because of the cost of inflation we're seeing groceries going up and guys this bothers me we should still be saving we should still have things set aside so this way watch this this way when life happens we are okay with moving forward if you don't have a thousand dollars in your emergency fund we have a problem if if you have to go to a buy here not to buy here if you got to go to a um payday loan processor place um get on these payday apps we have a problem if you got to pay for a shirt over five payments that costs you twenty dollars we have a problem if if if you got to go to the bank and ask the bank to give you a loan to pay your basic needs we have a problem but if you are one of the ones the four people who have a thousand dollars plus have their fully three to six months of expenses set aside great you are ahead of the game but if you are not you are behind the game and I hate to say this you're average and I don't want none of us to be average we should have we should have at least a thousand dollars if we're eliminating debt inside of our emergency fund if you are out of debt we should have at least three to six months set aside in our savings account simply for emergencies simply for Investments down the road and we'll get to that here soon talking about Investments um inside of our savings account boom so and we save for like really really obviously like three three main reasons number one is emergencies number two um is if you're saving for a big purchase something like a house something like a car something like maybe you're saving for a ring maybe you're saving for your kids car some something that is a big purchase number three is I set aside money for investment opportunities if I want to invest into you know some rental properties if I want to invest into some land I save for those three reasons wealth building uh big purchases medium big purchases and emergencies and my emergency fund you guys I do not spend that for nothing I don't do it at all and what I did is I did a video we're going to put that in today's show notes I'll make sure that Michelle puts it in there I did a video on the top five savings accounts where you can park your money at and you will get you know three percent four percent actually another bank vo vo just came out with their interest rate it is at 4.85 on the interest that is a lot of money I'm able to have a large amount of money in my emergency fund right and that is bringing me about seven I'll say about seven hundred dollars a month and the more that I put on inside of it and the more that it grows up the more interest I'm getting because my money's just sitting there for emergencies I could literally take some of that money out every single month that's off the interest and go ahead and go out to eat for the whole month if I really wanted to if I really wanted to but I want that thing to keep growing and so what I'm going to do is I'm going to link in today's show notes the top five things that you should look at when it comes to parking your emergency fund and remember that's your emergency fund that's the money that you have set aside you need to keep that money there simply just for emergencies so if you have that you guys let's be real and be real with you uh if you have at least a thousand dollars emergency account if you're growing your savings account this is one sign that you're financially outpacing your peers here's number two when it comes to financially outpacing uh your peers is you're investing into your future you're investing into your family's future you're investing into your legacy you're investing into your wealth building Journey okay investing in your future is a major major huge indicator that you're financially ahead of the game this could simply mean that you're contributing to a retirement account like a 401k or a uh Ira or making smart investments into like your stock your bonds your real estate you see by simply investing you're not just preparing for your future but also leveraging your money to grow over time ultimately boosting your overall wealth you're using your money and that's what I say you're telling your money can I be real with you all this may may make some of y'all feel uncomfortable but you're telling your money go have sex and to make kids make twins make triplets that's what you're doing don't come back to me but just you I want you to come out there and I want you to lay down and I want you to bring back cousins Sons daughters triplets I don't care don't come back by yourself I'ma push you out there come back with some some somebody else life is full of ups and downs and when you're at your best you feel Unstoppable ready to conquer anything that comes your way however there are times when life challenges can be overwhelming making it difficult to be the best version of yourself you see that's where therapy can make a significant difference by working with a licensed therapist you can uncover the tools and insights needed to empower yourself and navigate life obstacles with confidence if you're considering therapy better help is an excellent choice with this convenient flexible and affordable online platform you can connect with a licensed therapist who understands your specific needs simply complete a brief questionnaire and you'll be matched with a professional tailored to your requirements plus you can change your therapist at any time without any additional cost invest into your mental health and invest into your mental well-being and take the first step towards a more fulfilling life right now you can receive a 10 off your first month by visiting anthonyoneal.com forward slash therapy again that is anthonyoneal.com forward slash therapy begin your journey to self-empowerment today and together let's get back to the show and that's exactly what it's doing you're letting your money work for you you're leveraging your money to get that compound interest you see when we consider uh the the retirement lifestyle when we consider when we no longer have to exchange our time for money that should be the goal is that we should be earning all this money starting these businesses making these Investments so that one day we do not have to exchange our time for money what we're doing now is exchanging money for time and a common guideline is to replace 70 percent of your annual income before you actually get to the retirement stages so this means by the time you get to whatever age if you say hey I want to be able to retire or I want to be able to stop exchanging my time for money at this particular age you need to make sure that you're at at least bare minimum 70 of your income now if you're doing it right you should be able to honestly retire with at least a hundred percent at least 90 to 100 of your income sometimes if you work it right you're retiring with more money than what you are what you were making on your job and if you're on track if you're on track to meet or surpass this guideline you're doing a great job with planning for a comfortable future now interestingly even those fortunate workers who do have access watch this to retirement to retirement plans fall short of meeting the full amount the IRS allows them to contribute after one year right and this number really bothered me did you know that only 14 only 14 of workers actually contribute the maximum amount allowed when it comes to investing tour 401k this was as of 2022. according and that's according to vanguard's how America saves report listen if you're not investing into your future if you're not spending time to to set up your future you don't care about your life you don't care about your family's life can I be real with you if you're not saving for your future you don't care about your kids future what do you mean Anthony what do you mean my kids my kids will be impacted no they will be impacted if you're not setting yourself up to be financially good now at 25 at 30 and you got kids or a kid what's going to happen when you're 70 80 90 years old and you cannot do much who's gonna be responsible for you your kids the big house now you got the nice cars now you got the real nice things now but you're not investing into your future so now what's going to happen is you're going to put the burden of you not being wise when you were young and maximizing your youthfulness and that burden now goes in your kids now your kids got to worry about their family and their mom and their dad I refuse to put myself and my family in that position which is why now at 38 39 um about to be 40 next year I'm thinking about my son and my daughter when I don't even have them yet I'm thinking about my kids I don't know who their mama is yet because I want to make sure that when I turn 70 when I turn 80 I could be a blessing to a kids to my kids I'm not being in a burden to my kids because when we really look at it and I and I hate to say this Mom and Daddy oh let me take some water because my parents they might get upset with me hold on especially within the Black Culture we sent to send our money up rather than down one more time we tend to spend send our money back up to our parents when we get our money when we start getting real good we tend to send all of our money up we buy pay off our parents home and and buy them cars and pay off their debt and do this and do that and if you're in a financial position to do that great but I refuse to take care of my parents first and and not take care of my kids future I'm going to pay off my kids college before I pay off my parents home I'm gonna make sure that my my kids are set up for wealth before I take care of my parents because their responsibility was to take care of themselves and then also take care of me it was their responsibility and it did a great job of taking care of me but now that we this younger generation is coming into money sometimes we feel guilty and we want to sit here and say you know let's do all this and we did all this for our parents and we send our kids out there with nothing no no no so for me I'm investing into my future so this way when I get to the point to where I do need help my money can pay for the help now my kids are still going to help me for sure but it will not be a financial burden on my kids it may take time it may take some patience because I'm getting older I get it right but at least the money is there at least I'm taking care of my responsibilities and my kids don't have to send me money my kids won't have to pay for my medical expenses my kids won't have to be stressed and say you know what who do we choose we choose you know our sons going to private school we or do we choose to put our my dad into a group home or into a home no you're going to hire a nurse to come to my house and I'm gonna pay for it so when we start thinking about our future you guys this is about Legacy this is about what are we doing every single day to build our Legacy and if you're part of this 14 percent okay if if you are a part of the 14 because only 14 of workers contribute and maximize they're allowable uh uh uh Investments of the 401ks and investing if you're part of that 14 you're definitely ahead of the Curve um number three uh no car note let's talk about it okay let's talk about it if you've managed to pay off your car or purchase one outright you're ahead of many of your peers I'll probably say oh I can't say that but I would definitely say you are ahead of many of your peers owning your car without a loan means you have one less monthly expense to worry about and more money to allocate towards investing towards your financial goals towards putting your kids in the college debt free towards any dreams that you may have when it comes to your money this is a this is a huge and I mean it's a huge achievement that sets you apart from those who are still struggling with their car payments if I be real with you the average car payment today is 761 a month wow 761 dollars a month a month one third of brand new car owners are paying over a thousand dollars a month for a car wow and if you don't have a car note you're definitely ahead of your parents when I think about what 761 dollars could do for me today I get upset about that car payment if it's over a thousand dollars that's twelve thousand dollars a year people are paying that for seven years do you know what if you invested that same seven that same one thousand dollars over 12 over seven years has twelve thousand dollars a month I made twelve thousand dollars a year do you know what that could be if you just invest that into a mutual fund easy half a million dollars easy that doesn't piss you off that doesn't hit you in your gut we we we we want to complain oh my God I can't build wealth I can't build both the system was rigged for black people I'm not saying black people we have obstacles to get over but dag on it when are we when are we gonna start looking into the things that we're doing the decisions that we're making that's preventing us from getting there we can talk about systemic racism we can talk about the obstacles that were faced just simply because we are black people I get that I'm with that but they're gonna what what decisions are we making that's preventing us from Building Wealth and being able to pass down a legacy to our children's children what are we doing don't come to me talking about I can't build wealth you got a 700 car note I'ma respectfully tell you shut up don't come to me talking about man I can't do this and you you driving a brand new a brand new BMW you could have went and bought a four-year-old BMW the same body style the same functions but you want that new car smell what did you know that 25 of U.S households are either unbanked or underbanked leading to potential Financial instability and difficulty in managing money having a checking account is a crucial step towards better financial management and Independence start your health Financial Journey with chime today with the chime checking account you can take advantage of amazing benefits and the key benefit what I really do love and you will too is that you can get paid up to two days early now they do have to where you can avoid overdraft fees of up to 200 but additionally chime eliminates hit in costs so no monthly fees no minimum balances when it comes to specific requirements and check this out no deposit needed to become an actual member you can just open up account today so don't be a part of the 25 of missing out on the benefits of the actual checking account sign up in just 2 minutes without affecting your credit score visit charm.com forward slash ttao to begin your financial Journey today again that is chime.com forward slash ttao one of my good friends came up to me and said man yeah my car note a 1600 I said excuse me how much is your car note 16 I said you you do understand there are some people in America who are paying 1600 for a mortgage payment for their home you're paying 1600 for a freaking car note are you you're kidding me say nah bro what did you get Jesus when you tell me what he got I said man you bought that because you want the people to see you you ain't buy that because that's what you really wanted not making eighty thousand dollars a year and you paying sixteen hundred dollars eighty thousand dollars a year after taxes a single man that's sixty thousand dollars in income six thousand dollars is like what only like four or five thousand dollars a month there is no way in heck I'm giving sixteen hundred dollars in a car note not including car insurance on that car that's two thousand dollars a month going towards a vehicle a vehicle so if you gotta if you if you if you and no car no family like me or if you're saying hey yo I hear you and and I'm and I'm going towards that like I I don't want a car note you're ahead of the game you're you're you're ahead of the game which leads me to the next one because when I hear this man when I hear this it's pissed me off here's how no here's how you also know you're you're ahead of the game you're not living paycheck to paycheck yep you see people with a sixteen hundred dollar two thousand dollar car note I would say the majority of them are living paycheck to paycheck here's why I will say the majority of them because there are some people who are very wealthy who do not want to pay cash for their car so they can honestly afford to pay cash for the car but they choose not to pay cash for the car so they have a car note I respect it not gonna knock them not something that I would do but if that's what if that's what they want to do totally cool respect it but the majority of people who are actually paying that kind of car note they're they're stressed they're living paycheck to paycheck so the fourth sign that you're financially outpacing your peers is Breaking Free from the paycheck to paycheck cycle if you're if you're able to cover all of your monthly expenses and still have money left over to save invest or spend on your passions you're in a much better position than those who are barely making ends meet you guys it's Financial breathing room is a testament to your smart money management and long-term planning Richardson said it came out and said it's like nearly right around 70 percent I I I'm reading studies I see some that says 68 of living paycheck to paycheck I've seen some studies that says hey we're right around uh 70 I think like 77 so I'm going to say ballpark figure let's just say ballpark figure in the middle uh three fourths of people in America today are living paycheck to paycheck and why are we living paycheck to paycheck let's be real let's be real let's be real let's have a conversation I'm gonna lean back on this one make sure they can still hear me CJ if I need to move the mic I'm gonna move the mic because I want them to hear me I want to sit up on this one you know what I'm saying they can hear me okay cool great up we're living page at the paycheck because of you you're living paycheck to paycheck because you have not set down and said okay cool where am I going how am I going to get there what's the strategies for Building Wealth and and here's the truth you can't tell yourself no why are you living paycheck to paycheck it it it's because you can't tell your girlfriend no brothers everyone gets upset with me when I say man I'm not going to spend over this kind of this this amount of money on on on on dates I went viral the other day I went viral the other day because I said Hey listen I used to do that I used to take my money out and go spin it on a check I'll go spend on the check and I'll come back home and I'm broke cause I'm trying to impress the woman and all the ladies in the comments says oh he need healing he need this he need to get over that you're right I need a healing for myself I didn't need healing from a woman I needed to heal from the thoughts and oh I needed to heal from not respecting my own dad's own self and I did just that I refuse to look good to everyone else and not come home and be comfortable I got tired of coming home and being stressed and figuring out what am I going to do and having to work two three four jobs just to make ends meet in my own family I got tired of working two three jobs and still asking my boy for some money still going home and ask my parents for money I got tired of that and you know you're ahead of the game when you can sit there and pay all of your bills still be a giver at your local church um um sis still save some money and set some money aside for savings and for investing I mean for property investing and for starting a business and you still got some money in your account you still gotta fully funded savings account that's when you know but if your girl got a job and she come and ask you girl can I borrow a hundred dollars she's living paycheck to paycheck if if your homeboy come to you say Bruh Bruh don't let me hold this I'm not knocking these individuals I'm not saying these individuals are horrible individuals here's what I am saying they need to get on the right track and if you are living paycheck to paycheck I'm sorry you're average I'm sorry but you can change that I had to change it I had to tell myself no I had to I had to you you have to build margin inside of your life financially if you're making ten thousand dollars a month you should only be really really having expenses and spending close to about six or seven Grand a month you should have margin margin I've been blessed to you know make the kind of money that I'm making now and there's a lot of things that I've been really wanting to do and I said no I I really enjoyed the margin it feels good to where last month we had a huge thing come up in my company and I didn't stress I didn't get I didn't trip out because I had the margin it still pissed me off because I like my money but I was like ah I got the margin you know what I'm saying we good but if we was living paycheck to paycheck month to month oh no no no no no we'll be stressed we'll be frustrated I would be pissed I will be scared and I told myself I refuse to be that individual that I live paycheck to pitch I refuse to build a culture to where my company we're living month to month I refuse to get married and tell my wife we got to live paycheck to paycheck I refuse to be that particular individual I don't want to be 75 of America I want to be in the top three percent I want people connected to me team members and friends and family to be in the top one percent which leads me to to the last one right here's how you really know you're ahead of the pack here's the last compelling sign that you're ahead of the pack and that is having an estate plan or trust in place this may sound like honestly something that the ultra wealthy people need to do and one of my friends a young lady I was talking to her and she said man I'm young and I don't I don't have I'm young I don't have nothing you know what I'm saying I barely have anything you know and I just got some clothes and a nice little car I said yo but you have a lot this is not something that the ultra wealthy need to do only this is something that we all need to do we have to have a plan for all of our assets if you're a single mother a single father you better have an estate plan and and I don't want to hear it's expensive I don't want to hear why am I talking about my death I need you to shut up and be a grown man and be a grown woman don't say you're a grown man because you're 20 years old 25 years old and you got a job a grown man and a grown woman handles their business a grown man and a grown woman sets aside their feelings of addressing the fact I'm going to die one day the thing is we don't know when we're going to die 90 of the people wake up every single day thinking they have another day to live 90 of the people wake up and say you know what I got I got years to live 90 of people did not wake up and say today is my last day there are some who wake up and know that their time is today tomorrow next week but the majority of us we wake up saying oh we're not even thinking about death how how do you know your head I think a study came out and revealed that nearly 30 percent of people in America have an estate plan that includes a will a trust power of attorney medical stuff I think the greatest way that we could tell our people we love them is by having an estate plan put in place can I be real with you when I did my estate plan finalized it updated it this year I'd be real Joe I Cry and here's why I cried it's because everyone I called even my parents a mirror job their problem like that I said this they said okay is there something that you know that we don't need to know I'm like what what do you mean are you okay yes I'm okay yes my parents don't have an estate yet and I told them they need to get one I have family members who are single single mothers don't have an estate don't have a trust put together don't have a will put together grown people think about grown people think about what happens after them that's why I partnered with ethos and I'm going to put their Link in today's show notes because if you get with ethos they're going to give you a life insurance policy up to two million dollars for no blood check right but also when you get the life insurance policy you also get access to a free estate plan free listen y'all I paid thousands for my estate thousands from my state they're going to give it to you for free and when I say a state we did a whole show about what an estate plan is we're going to put that in today's show notes once you go back and watch it because it's it it is a hard conversation to have it it is you're planning your death you're planning when you transition which is why 30 of America people have it but I think when you really look at the 30 who have it who are those people those are people who are successful and they value everything that they worked hard for you worked hard for that that car single lady 23 years old you worked hard for that it's paid for it hey pass it on your family your life insurance how are you how are you going to divvy that up um um one thing I was telling my siblings uh because they have kids life insurance um let's say something happens one thing you can do inside your estate is instead of your your family getting that all at once you can literally write the plan out so no one in my family's gonna get all the money up front it's gonna come over time um it's going to come at certain times of the year or certain times of their life when they accomplish something that I asked them to accomplish I I literally write out what I want my legacy to be and your estate protects your legacy your estate protects what you're doing and a lot of people do not understand that and I don't care if you 19 20 50 70. how do you know you're ahead of the pack is when you think about when you're not here anymore only the mature only the people who are really going after success having a state plan put in place because you can't blame it on money and let's say you already have a life insurance policy it's only 400 bucks at at ethos and we're going to put the we're going to put their Link in today's show notes where you can go there and you can get it because Dad going it you need to get it how was it that 30 of us having a state plan I did a video on the state what all is inside the state within the state professional and we're going to put that in today's show notes as well we're going to put that state video in there that we did with ethos really breaking down everything that's in there here's what I love about the estate plan here's what I love about it right let's say for an example I get into a car accident and I'm putting and I'm put I'm putting a coma for a little while and I can't make any decisions well inside of my state I give medical permission to my uh to one of my parents to where they can make all of the decisions for me they can get access to my bank account they can get access to my health insurance information to where now my dad can make decisions for me not the government not the hospital not the doctor those people only care about the money once the money runs out they don't care about you I need someone who can make decisions for me who can run my business if something was to happen to me instantly because I care about my team members my team members are inside of my state so it's like hey if something's happened to me pops my father has a 100 permission to be the operating CEO of my company that can make sure that my team and my people are taken care of until I am able to get back on my feet and be good a state you're a business owner is your is your team even inside your state who who what are you doing what are you doing what are you doing so you have it if you're hitting these five Milestones you're definitely financially outpacing your peers if you're thinking about life after you and you have an estate plan slash trust if if you if you're not living paycheck to paycheck and if you do not have a a car note I mean you're aggressively trying to pay off the Cardinal if you do if you're investing into your future and definitely definitely if you're growing your savings you are financially outpacing your peers and watch this here's what I've learned as we close this show when we start outpacing our peers two things is going to happen they're either going to try to catch up with us and we're going to inspire them to get on our level or two they're gonna fall back start hating on us and say you're different and that's fine I want to tr I want to challenge my friends to to rock out with me to get on my level because here's what I'm doing I have friends who are outpacing me they're ahead of me and I'm trying to catch up to them here's what I love when I ask them hey how far should I run what should I be doing what are you investing in what are you doing differently they tell me I run the play and I'm doing it then my friends yo this is what I'm about to do y'all coming I'm coming so we're always someone is always outpacing me I always have people in my circle who are outpacing me and one of the people inside of my circle I had a wheel can I be real with you but I had no trust I was like hey bro no people in my circle we have a stage we don't have just a will we have just a trust we have a full estate plan of anything and everything I was like man I'm young I ain't got that much it's like bro you got a whole lot which I do right but I I I I thanked him I thank them because he was ahead of the game he just made me step up to his level I got come through my savings account one of my guys said man you know I got six figures in my savings account bro I'm good I can live for a whole year and I'll be straight I said say what yeah y'all pays me I caught up to him caught up to him caught up to him no car notes I remember walking into the dealership and it was like Hey man they had to pull my credit to confirm my identity and I was like yeah and it was like man your credit score is phenomenal man we can get you approved right now at you know one percentage is that one point two one point nine percent interest rate on the car and uh you just pay off the car in 90 days I said nah take this check I'm on a car note because here's the problem I know if I don't give you all this money right now and I'm comfortable with just paying this kind of car note I'm not going to pay it off in 90 days get this money I don't want a car note I want to be able to wake up and be at peace and here's the truth and I hate this may sound arrogant I kind of like being ahead of everybody the majority of the people because I'm not average and neither are you men and women of God are not average we're we're the Son and Daughters of a king we should be ahead of the game we should be setting examples we should not be struggling and stress we should be showing what love looks like we should be showing what Freedom looks like we should be showing what peace look like we should really be showing God that he can trust us so are you outpacing your peers or are you just like the average person in America and if you genuinely are ready to change your life two things number one I'm gonna drop in today's show notes the how to get out of debt it's a free ebook by 40 pages long on how you can get out of debt right now so you can start changing and you can start outpacing your peers we will drop that in today's show notes hey we'll see you in the next show peace out [Music] foreign

Channel: The Table With AO

Views: 43,551

Keywords: anthony oneal, anthony oneal debt free degree, anthony oneal student loans, bitcoin, budget, building black wealth, credit card debt, david imonitie, debt, debt free, debt free journey, finance, graham stephan, how to budget, how to get out of debt, how to make money, how to pay off debt, how to save money, money, network marketing, personal finance, retirement planning, student, the table with ao, wealth, how to become a millionaire, anthony oneal podcast, wealth builders

Id: Oyg145JBcrI

Length: 39min 24sec (2364 seconds)

Published: Mon Jun 26 2023