The 5 Best Purchases To Make In Your 20s
Published: 2023-10-20
Status:
Available
|
Analyzed
Published: 2023-10-20
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Formal education does not teach wealth building; individuals must learn these skills independently.
"I never once during my entire time in school learned about how to build actually true Financial wealth for myself... I never learned how to use my money I never learned how to invest my money I never never learned how to build wealth I never learned how to build a business these are things that unfortunately or fortunately just depends on how you look at it you will have to learn by yourself"
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Conforming to societal norms leads to widespread financial struggles and dissatisfaction.
"if you keep doing what everybody else does you're going to end up like everybody else and today what that translates to is that the majority of people are broke unhappy and unfulfilled"
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The speaker chose not to buy a BMW 3 Series for $35-40k, indicating a strategic avoidance of depreciating assets early in their financial education.
"the first thing that I did was I went on to Google started looking at the prices of BMW 3 serieses and I think at the time it was like $35 to $40,000 and I was very close close to being able to buy it cash and I decided not to do that because that was around the time where I started to really start getting into my own Financial education and that was one of the best decisions that I did not to buy that car then"
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Money saved from avoiding expensive car payments should be redirected towards starting a business, investing in stocks, or purchasing a first rental property.
"how about you work to take that money to increase your income instead... take the $56 $700 a month that you would have put towards a dumb car and put that money instead toward either your own business idea towards investing in stocks towards buying your first rental property"
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Build assets that generate income, which can then be used to purchase a desired car without direct labor.
"now you have that dumb car but you don't have to work hard to make money for that car because your assets are making money to pay for that car"
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Purchase a rental property before your primary residence to generate cash flow.
"before you go out and you buy a home to live in yourself buy a rental property before you buy a home to live in yourself now when you own a rental property this rental property if you do it correctly is going to be paying you with cash flow"
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Dividend-paying stocks or funds are an alternative method to generate cash flow.
"if you don't want to go and buy a rental property another option is going out and investing in dividend paying stocks or dividend paying funds because now you're investing in this thing that'll be working to pay you with cash flow"
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Consistent monthly investment in cash-flowing assets throughout one's 20s will result in a substantial income stream by age 30.
"if you spend your 20s now investing consistently into this cash flow now instead of just investing $1,000 one time if you can invest $500 a month $200 a month $100 a month maybe $1,000 a month depending on how much money you're making and you do this month after month after month year after year after year through your 20s well by the time you reach 30 you're going to have a solid stream of income coming in"
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Accumulating cash flow consistently during one's 20s will lead to a solid income stream by age 30.
"keep working to accumulate and grow that cash flow stack the cash flow do that in your 20s that way by the time you hit 30 now you have some solid cash flow coming in"
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Invest in personal and self-development, as well as learning new skills.
"I want you to start investing some money into your mind whether it's your personal development self-development or learning how to do something"
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Be discerning with online self-education resources, as some are poor quality, but good resources do exist.
"there are some good self-education tools out there and there are some not so good self-education tools out there when you go through the not so good self-education tools you're going to get very jaded against all self-education online but then I want you to come back to reality take a deep breath and now understand that there's also some good self-education out there as well"
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Prioritize taking care of one's physical health, as the body is a unique and irreplaceable asset.
"your health is so important because this is the only machine that you get this is the only body that you get take care of it"
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It is more effective to proactively manage health in one's 20s rather than reactively address issues in later decades.
"it's much easier to be proactive on that than to be reactive in your 30s or 40s when you really start to see the effects of either physical health issues or mental health issues"
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Prioritize jobs that offer the most learning opportunities in one's 20s, rather than solely focusing on immediate salary.
"I mean getting you a good job where you are going to learn the most use your 20s as a time to learn before you go out and try to get a job to earn the mistake that so many people make is they get so focused on how much money they're going to make as opposed to what they're going to learn"
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Accumulating knowledge has a compounding effect, leading to increased earning potential.
"your money compounds but your knowledge also compounds and if you can compound your knowledge you're going to be able to compound how much money you can make"
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Acquiring new skills increases value to employers and opens possibilities for creating one's own income.
"if you can learn how to provide more value to a potential employer well now you have the ability to offer a whole lot more or maybe maybe you can create your own income as well"
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Surrounding yourself with positive, growth-oriented friends leads to better long-term outcomes compared to those with negative or blame-focused mindsets.
"if you are surrounded by a whole bunch of toxic and negative people... where do you think they're going to end up in 5 years compare that to a separate group of friends that are always talking about how do we build a business how do we invest our money"
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When one projects a desire for success and well-being, negative associates may distance themselves, leading to natural personal transformation.
"as soon as you start to project your type of Personality that I want to become successful I want to be happy I want to be healthy these people are not going to want to associate themselves with you anymore... and naturally now you're going to start being a different type of person"
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The current opportunity allows for building immense wealth that extends beyond finances to personal well-being and family.
"if you're watching this video you have the opportunity to build an immense amount of wealth in your lifetime and not just wealth in your bank account but wealth for yourself for your family for your mental health for your physical health"
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The speaker's first exposure to financial education was through reading 'Rich Dad Poor Dad'.
"The first book that I ever read cover to cover was Rich Dad Poor dead because it opened my mind to this whole new topic of financial education that I had never been exposed to before."
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Statistically, over 50% of Americans are broke, unhappy, and unfulfilled.
"and today what that translates to is that the majority of people are broke unhappy and unfulfilled now I'm not just saying this I mean statistically more than 50% of Americans are broke more than 50% % of Americans are unhappy more than 50% of Americans are unfulfilled"
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The speaker considers 'nice' cars as 'dumb' purchases because they don't generate income and only make others rich.
"And by dumb car I mean any nice car because these dumb cars aren't making you any money now what you're doing is you are making money to make somebody else Rich"
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It's recommended to redirect money that would be spent on a depreciating asset like a car towards income-generating activities such as starting a business, investing in stocks, or buying rental properties.
"how about you work to take that money to increase your income instead because if you take the $56 $700 a month that you would have put towards a dumb car and put that money instead toward either your own business idea towards investing in stocks towards buying your first rental property now what you're doing is you're using your money to make you more money"
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Rental properties, when managed correctly, can generate cash flow by covering all expenses and providing profit.
"when you own a rental property this rental property if you do it correctly is going to be paying you with cash flow because a tenant will be living there or using this property and they'll be paying you rent which should cover your property taxes your insurance your maintenance your vacancy cost and your mortgage and then put some money in your pocket"
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Investing in dividend-paying stocks or funds is presented as another way to generate cash flow.
"another option is going out and investing in dividend paying stocks or dividend paying funds because now you're investing in this thing that'll be working to pay you with cash flow"
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Get-rich-quick schemes promising wealth in a short period are generally scams that only benefit the creator.
"well these simple six-step systems that are supposed to make you rich in 6 months or less are generally only making one person rich and that person well it's not you"
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In your 20s, prioritize jobs that offer learning opportunities over solely focusing on salary, as knowledge also compounds and can lead to greater earning potential.
"I mean getting you a good job where you are going to learn the most use your 20s as a time to learn before you go out and try to get a job to earn the mistake that so many people make is they get so focused on how much money they're going to make as opposed to what they're going to learn"
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Focusing on learning and providing value can lead to a 50-100% increase in income potential relatively quickly.
"well if you can focus on really learning now your income potential can potentially go up by 50 to 100% really quickly because if you can learn how to provide more value to a potential employer well now you have the ability to offer a whole lot more or maybe maybe you can create your own income as well"
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Surrounding yourself with friends focused on growth (business, investment, income scaling, happiness, health) leads to a more positive future outcome compared to those who are negative and blame others.
"compare that to a separate group of friends that are always talking about how do we build a business how do we invest our money how can we scale our income how can we be more successful in life how can we be more happy in life how can we be more fit in life how can we be more healthy in life which one do you think is going to be happier in 5 years which one do you think is going to be wealthier in 5 years"
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A significant wealth transfer of $68 trillion occurred from baby boomers to Millennials and Gen X.
"The original great wealth transfer was baby boomers passing down $68 trillion worth of wealth to their Millennial and generation exch"
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