The mindset shift that made me $500K+ / year 🤫

over the last couple of years I've expanded my network and gotten into rooms with very successful people I understood the difference between poor middle class rich and wealthy mindset and yes rich and wealthy are two different things therefore in today's video I'll be talking about the money metrics and why people struggle with money then I'll be talking about the difference between poor middle class and wealthy mindset and finally I'll be talking about five rules that we need to follow in order to develop a wealthy mindset so let's get started [Music] foreign [Music] now this presentation will not be some fluffy presentation and there'll be a lot of charts and I'll try to explain how people think and how people can change their thinking and change their financial situation first of all let's talk about the money Matrix and this is something that I actually read about a few years ago in a book I don't remember what that book was I have read a quite quite a few on money making never made the amount of money that I'm making right now but I understand this a lot better right now the money Matrix says that your money making ability tells you whether you're poor whether you're middle class whether you are rich but there is more to the money Matrix than just the money making ability because I have met a lot of rich people who have lost a lot of their money by taking decisions and buying liabilities instead of assets and therefore the money Matrix has another tangent to it which is money optimization so here's the thing you can make more money and elevate your status from poor to middle class to Rich however if you are not optimizing our money that we are earning we are just one decision away from being poor again now this let's talk about monks monks are not people who have a lot of money but they find their peace and self-sufficiency and contentment in meditation and that's completely okay so even though they do not have enough money they have built a lifestyle around the money and the resources that they have in order to give them fulfillment same way a lot of people think that the only way to become financially free is to be rich and that's not true even if you are middle class and earning a normal wage nine to five wage you can be financially free it'll just take a little bit more time as long as you're investing your money into the right assets you're buying ETS you're buying stocks you're saving towards your retirement you can be financially free by the time you turn 50 or 60 and then comes the Pinnacle of money making and money optimization when you are making a lot of money but you are actually wealthy what that means is that if you have made a lot of money doing anything that we are doing it could be a business it could be a high paying job we put all those access money into assets into real estate into businesses back into people and when we do that we regenerate wealth that last generation it could be a book that you have written that you get royalties on for life it could be a business that you built you went public with it and then you have stocks that are worth a lot more and will always remain a lot more even when you're gone a lot of people like Mark Zuckerberg Warren Buffet people who have hundreds and thousands of properties who are getting cash flow every single month their families will still remain wealthy when they are gone and that's wealthies now I'm not saying all of us can achieve this status this status requires a little bit of luck as well and a lot and lot and lot of right place at the right time however we can all be financially free and the normal path of becoming financially free is not always going from poor to middle class to Rich and then financially free you can always be middle class and then again be financially free it will take a little bit more time than if you had a lot of money coming from businesses and a high paying job now that we understand that money is not all about making more money but optimizing it I also wanted to talk about how a poor versus middle class versus wealthy mindset actually works when for that let me explain this quadrant first so you have income you have expenses you have assets you have liabilities income you have your nine to five job your side hustle your business income or your royalties but you and I are people who have nine-to-five jobs side results or business income a small business that generates enough income let's talk about expenses first it's mortgage rent utilities these are things that you can't avoid car payments Insurance sometimes you just need a car gas grocery shopping subscriptions eating out travels now these are basically all the things that you just cannot avoid I'm not talking about fancy stuff I'm not talking about buying very expensive cars when you can't afford it and not talking about traveling a lot then when you can can't afford it I'm talking about expenses that are required to run a normal household without having a very fancy lifestyle we talk about assets where you have ETFs you have stocks you have real estate which is Cash flowing you have people because entrepreneurs you have businesses they invest in people so that they can grow their company so people is another asset that you have and of course you can buy businesses and generate cash flow and then you have liabilities where car is the most obvious fund but there is one more which is a little bit less obvious which is your Prime memory home assets are things that put money in your pocket and liabilities are things that take money out of your pocket and yes Primary Home appreciates in value over time but you will always need shelter you'll always need that home and you are not getting any rent out of it and it is taking away money from your pocket and therefore it's very important if you're buying a primary home you should buy something that you can afford so that you can still invest into assets when you have access Capital available and finally this list can be really long and therefore I'll just put it all together into that you don't need these are liabilities so the poor mindset is that money comes in it goes into expenses and it just goes out you are not left with anything if anything there's more credit card debt because the expenses far outgrow the income that you're earning from nine to five job now middle class mindset is something that I've struggled with almost all my life what it does is that you earn your income from your nine to five job with your side result or even people who are doing businesses you on that income and then you put that money into liabilities which is buying cars and you don't need and then there goes the expenses and then you are not left with much money at the end of the month however a wealthy mindset has a slight adjustment to this a wealthy mindset would on income and they would straight away put part of that income towards assets those assets would they pay them dividends those assets would give them more income that income will be used to buy liabilities and those liabilities will then go into expenses and then even if you have zero dollars left at the end of the month you still created assets that will keep generating money for you long term now that we understand the wealthy mindset I also wanted to give five rules to develop a wealthy mindset this is something that I have followed in the last couple of years and it has given me results that have changed my life and I actually followed them in the exact same order the first one is pay yourself first what I mean by that is if you are earning fifty thousand dollars hundred thousand dollars two hundred thousand dollars a million dollars whatever you are earning you need to put 20 at side towards your retirement towards your Investments and then take care of your monthly expenses the second one is you need to believe that you can make money we need to forgive our past money mistakes I lost a lot of money in my first business I lost a lot of money in crypto but I've forgiven that it's not like I have not started the second business I did not let failure in my first business impact my decision of quitting my job again and starting another business today now the second one is really big I draw a lot of motivation from books from podcasts I read a lot a lot of cell development is required in order to make more money and believe that you can make more money because you can always draw motivation from other people who have done what you want to do and you can just walk that path we also need to believe that money is not evil and there are a lot of people and I was the same who used to think that money brings a lot of problem however money can also solve a lot of problems not just for you and your family but for others as well if you have money if your stomach is full you can actually help more people fulfill their dreams and grow with you the fourth one is having a money Mentor it's really important you can draw all the motivation that you want from books and podcasts but if you want to take action you need to have a mentor you need to have a coach I will be making a more detailed video on how to find a mentor and a coach and what's the difference between the two so do subscribe to the channel if you have not done that and the fifth one is copy and adapt you don't have to reinvent the wheel you just need to copy you just need to have a mentor who is doing what you are doing you need to copy and you need to adapt put your own flavor into what you are doing so the second step is to take actions and do things that make you believe that you can make more money the third rule is you need to write down a goal that scares you back in 2011 when I joined my first company which was nice and it had more than 50 000 employees I wanted to be the youngest director across all countries and I did that in 2018 but in 2018 I again had a goal of quitting my job and starting my business I did that too in 2019 we decided to come to Canada that was a massive change again I had to write that goal down in order to make that happen I did that then in 2020 I wanted to quit my job again and that was a really big goal again when you write your goals you always then find ways you write ways of how do you achieve that and that's what happened with me I wanted to quit my job and 2021 I did quit my job in 2021 when I quit my job and joined mortgages I wanted to do 100 plus mortgages I wanted to help 100 plus first time home buyers move into their home a lot of people called me crazy and said that I can't do that but I did 105 mortgages in my first year of doing mortgages and now in 2023 I have written another big goal that scares me which is retiring 1 million people with 5 million plus of net worth these are all really big goals that I thought they were impossible to achieve they scared me but I did achieve them and even if you don't it's okay even if you achieve 70 80 of that it's okay we always need to write down our goals we are much more likely to achieve them now the first three rules are about manifestation and planning the next two ones are about taking action you need to have multiple sources of income you have AdSense I have sponsorships I have coaching I have mortgages I have dividends I have real estate and the number one reason why I'm doing this is because I don't want to rely on one source of income if tomorrow I want to quit mortgages I still have other income the biggest fear that I had when I had my nine to five job is if my employer asked me to quit what will I do next whether it's the employer firing me or me wanting to leave my job I still have sources of income that should still allow me to keep growing and provide for my family and finally and this is probably the most difficult and the most important step and the rules that we need to follow in order to develop of the wealthy mindset is hand pick your network you cannot pick your family but you can choose the people that you hang out with you can't choose your friends my closest friends have a household income of over three hundred thousand dollars and therefore I know how to at least make that amount of money I pay for mentorship and coaching from people who have a household income of well over one million dollars because that's where I want to go I choose to hang out with friends and people who are like me because I want to grow I want to achieve what they are doing I want to have a positive mindset in my life I don't want to crib about other people and the society all I want to do is make the best of the resources that I have and the best way to do that is to have the right five people around you that's all I have for today I hope you like this video do hit the like button and do subscribe to this channel if you have not done that there'll be more of these videos coming on this channel and if you are not following us on the podcast follow grow Nation podcasts we'll be talking to a lot of the successful people going in depth into conversation we'll talk about how they think and how they wire themselves differently in order to become successful so do follow us on grownation podcast as well which just came up with our first episode with Alfonso kudra who has 1 000 units and we've talked about how he built that Empire that's all I have for today bye bye [Music]

Channel: Grow with Nav

Views: 7,264

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Id: 2ao34-QDux4

Length: 10min 51sec (651 seconds)

Published: Sun Jul 09 2023