5 Steps To Manage Your Money Like The 1% (Wealth Hack)
Published: 2023-11-11
Status:
Available
|
Analyzed
Published: 2023-11-11
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Save $2,000 first, then aggressively pay off high-interest debts like credit cards and payday loans.
"I want you to go out and save $2,000 as fast as possible and then once you save that $2,000 I then want you to go out and pay off your highin debts that means things like a credit card debts and your payday loans"
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The initial $2,000 saved should be an emergency fund, not for spending or investing.
"this $2,000 is money you have to put aside because the reality is life happens to everybody and if you don't have some cash put aside you're going to be the one that's going deeper into debt to solve that problem"
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The target emergency fund size should be between 3 to 12 months of living expenses.
"you want to have somewhere between 3 to 12 months worth of expenses saved"
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Prioritize cash flow investments over appreciation for personal investment strategy.
"the majority of my investments are cash flow Investments meaning the majority of my investments not all of them but the majority of them are paying me with some sort of cash flow because I like cash flow and the reason why I like cash flow is because when I have cash flow I can get paid without having to sell my assets"
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A rule of thumb for affording a purchase: you must have enough cash to buy five of the item to truly afford one.
"if you cannot buy five of them you cannot afford one of them"
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The speaker advises against financing cars due to paying interest on a depreciating asset.
"even when it comes to your car I don't like financing cars I do not recommend financing cars"
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Starting a business is identified as the primary wealth-building vehicle in America.
"in America the number one way that has built more wealth than anything else is by going out and starting a business"
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Individuals in the top 0.1% and 0.01% are consistently business owners in some capacity.
"what the 0.1% and the 0.01% do is all of them are business owners to some extent or capacity"
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Utilizing entities like LLCs to hold assets can protect personal wealth from lawsuits related to those assets.
"let's assume that there's a tenant living in this property they slip and fall and they sue the company for $5 million... they can't sue me because I don't own the property I just own the company"
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Investing in advisors like attorneys, tax advisors, and estate planners is crucial for asset protection and guidance as wealth grows.
"you want to have the right advisers that means attorneys that means tax advisors that means estate planning attorneys you want to have the right people on your team that can protect you and guide you especially as you start building your wealth"
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A negative mindset towards wealth and wealthy individuals can subconsciously prevent one from achieving wealth themselves.
"if you constantly have this negative connotation and attitude towards wealth and wealthy people you're not going to want to actually achieve that yourself"
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Shifting from judging wealthy people to inquiring about their success is key to opening up one's own path to wealth.
"you have to start asking the question of how did they become wealthy and how can I become wealthy"
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The speaker will discuss three methods for generating cash flow, acknowledging varying degrees of passivity.
"there are three General ways that I generate cash flow and some of these are way more passive than others"
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