If You've Never Invested Your Money - Watch This
Published: 2023-11-19
Status:
Available
|
Analyzed
Published: 2023-11-19
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Investing $100 per month from age 21 to 66 with a 10% average annual return will result in retiring as a millionaire.
"if you can keep investing $100 a month which is less than $4 a day from the day you turn 21 until the day you turn 66 you do that for 45 years you never change how much money you invest and you just get an average stock market return which historically has been 10% a year ... you going to retire a millionaire"
Pending
Starting to invest $100 per month at age 45 with a 10% annual return will result in retiring with approximately $100,000, which is insufficient for retirement.
"if you start investing when you're 45 and you start with that same plan where you invest $100 a month when you're 45 trying to retire by 66 and you can get the same 10% annual return well if you start when you're 45 you're not going to have a million dollars ... you're going to retire with about $100,000"
Pending
Successful entrepreneurs like Vera Wang and the founder of GAP started their ventures in their 40s, demonstrating that it's possible to achieve great success later in life.
"Vera Wang has started in her 40s became very successful the founder of GAP started after he was 40 there's a lot of people that started after the age of 40 and still became very successful"
Pending
Individuals in their 30s, 40s, or 50s can still become wealthy. Success is more dependent on mindset than on lacking specific tools or skills.
"if you're watching this in your 30 your 40 maybe in your 50s what do you do how can you become wealthy can you become wealthy and the first answer is yes because well it's been done and and so you know if you don't believe it's possible ... it's not a tool set issue we think that we're lacking the tool set we're lacking something that can make us successful when in reality it's not the tool set it's your mindset"
Pending
It is crucial to save some cash to cover emergencies like car breakdowns or medical issues, preventing the need to go into debt.
"first you want to save a little bit of cash because if something bad happens your car breaks down your kid breaks their arm your window breaks you don't want to go into debt to go fix that problem you want to have some cash saved up to protect you against an emergency"
Pending
High-interest debts, such as credit card debt or loans with high APRs (e.g., 22%), should be paid off immediately as they significantly drain financial resources.
"paying down your high interest debts things like your credit card debt things like hard money loans things like when you go and borrow money at 0% APR but don't pay it off in time and now you have a 22% interest rate pay these things off first because they are literally skinning you alive"
Pending
Investing the average U.S. household credit card debt of $6,200 at age 21 and achieving a consistent 20% annual return until age 66 could result in retiring with over $15-20 million.
"if you were 21 and he had $6,200 which is the average household credit card debt right now in America if you had $6,200 when you're 21 and you invested that and you never invested another Penny again and you were able to get a 20% return on your money and you did that year after year until you turned 66 when you retire you would retire with north of 15 or $20 million"
Pending
A recommended financial plan is to spend a maximum of 75% of earnings, invest a minimum of 15%, and save a minimum of 10% of every dollar earned.
"for every dollar you earn from now on anytime you earn a penny or a dollar it's going to flow through the system but for every dollar that you earn 75 cents is the maximum that you can spend 15 cents is the minimum that you're investing and 10 cents is the minimum that you're saving"
Pending
For younger individuals without financial responsibilities, a suggested financial plan is to spend a maximum of 50% of earnings, invest a minimum of 30%, and save a minimum of 20%.
"for every dollar that you earn you can spend a maximum of 50 cents you should be investing a minimum of 30 cents and you should be saving a minimum of 20 cents"
Pending
An emergency fund should ideally cover between 3 to 12 months of living expenses.
"you want to save somewhere between 3 months and 12 months worth of expenses"
Pending
The speaker invests their money in five asset classes in the following order of portfolio size: their own business, startups, real estate, stocks, cryptocurrency, and physical gold.
"I invest my money into my business Market briefs I invest my money into startups which is also number one then I invest my money into real estate invest my money into stocks invest my money into cryptocurrency and physical gold these are the five places that I invest my money in this order in terms of biggest to smallest part of my portfolio"
Pending
The founder of the 401(k) system has publicly stated that it has become problematic and is not sufficient as a sole retirement plan.
"your 401k was never designed to be your sole retirement plan in fact the founder of the 401K has come out openly and he has said that the 401K has become a monster and that the 401K has gone arai"
Pending
Tax-advantaged retirement accounts offer Traditional (tax-deferred growth, pay taxes upon withdrawal) and Roth (pay taxes upfront, tax-free growth and withdrawals) options.
"within all four of these accounts you have a traditional version and then you have a Roth version the traditional version ... all these things mean that you do not pay any taxes today you invest your money today and then this money gets to grow taxfree ... with the Roth It's the opposite with the Roth option ... you pay taxes on your money today and then this money goes into your account"
Pending
Withdrawals from a 457(b) plan before age 59 1/2 do not incur a penalty, unlike 401(k) and 403(b) plans, which are subject to a 10% penalty.
"if you pull your money out of your retirement account before you are 59 1/2 years old you don't have to face a penalty but if you pull your money out with a 401k or a 403b before that 59 1/2 years old then you're going to be subject to a 10% penalty on the money that you pull out"
Pending
In 2022, the maximum contribution limits were $20,500 for 401(k), 403(b), and 457(b) plans, and $6,000 for IRAs.
"the 401K the 403b and the 457b have a maximum contribution limit of $20,500 in 2022 and the IRA has a maximum contribution limit of $66,000 in 2022"
Pending
The speaker does not use tax-deferred retirement accounts, preferring to invest independently to potentially achieve better tax breaks and utilize funds more effectively in the present.
"I don't have any of these tax deferred retirement accounts I invest my money on my own I don't use any of these tax to further retirement accounts because for me I can get better tax breaks and get a better use of my money today instead of using one of these accounts"
Pending
Mutual funds are actively managed with higher fees due to a human manager, while index funds and ETFs are passively managed by algorithms, resulting in lower fees.
"mutual fund is known as an actively managed fund which means that now this fund has a manager a money manager who is getting paid to Now find the best company to invest in ... an index fund and the ETF are passive Investments That means instead of having an expensive money manager you have a computer and this computer has an algorithm ... your fees are a whole lot less than here because now you have to pay for an expensive money manager"
Pending
Approximately 80% of stock traders lose money within a 12-month period.
" Traders also lose a lot of their money I mean something like 80% of Traders end up losing money over a period of 12 months"
Pending
The speaker's primary goal when investing in real estate is to generate cash flow, aiming for rental income (e.g., $1,500/month on a $150,000 property) rather than solely focusing on property value appreciation.
"when I invest in real estate I don't just buy a property with the goal of trying to sell it for a huge profit when I buy a property my goal is to get cash flow so if I buy a property for let's just say $150,000 I'm going to buy this property not with the intention of selling it for $200,000 I'm buying it because now I know that this property is going to rent out for $1,500 a month"
Pending
Cryptocurrency is a highly speculative and volatile investment. The speaker is interested in it as a 'people's movement of money' due to a loss of trust in traditional financial institutions.
"cryptocurrency is a much more speculative and it's a much more risky and volatile investment in the sense that you can see cryptocurrency Rise and Fall very fast but you have to understand again why are you investing I like cryptocurrency because it's the people's movement of money people are losing their trust in The feder Reserve Bank"
Pending
The speaker views physical gold not as an investment for profit, but as 'real money' and a store of value, irrespective of price fluctuations.
"I own physical gold ... I look at gold as real money I don't look at gold as an investment I don't care if gold prices go up or down for me gold is real money because it represents a store of value"
Pending
Investing in startups is highly risky, with the potential to lose all capital, but offers significant upside if the company becomes successful, goes public, or is acquired.
"invest in businesses because I'm an entrepreneur and I love working with other entrepreneurs ... this is highly risky you can lose all of your money by investing in startups but you also have the ability to earn more money because now if a company that you invested in grows big and then they go public or they get acquired well now you can get a big payday"
Pending
Crowdfunded real estate platforms allow investment in real estate without direct property ownership, tenant management, or maintenance responsibilities, by investing in a fund that holds the real estate.
"you have platforms out there which allow you to invest in crowdfunded real estate that way now you don't have to buy an entire property you don't have to be the person that deals with tenants you don't have to be the person that gets the call when the toilet is broken you're just investing into a fund which gives the exposure to that type of real estate"
Pending
Crowdfunding platforms now enable investment in startups with as little as $100, providing early-stage exposure with high risk but significant potential reward if the company succeeds.
"now thanks to crowdfunding you can invest in startups with as little as like a $100 and now you can go and invest in some of these companies again highly risky but now you can get exposure to these companies at an early stage that would if they go big you got in early"
Pending
A good financial plan includes spending, investing, and saving allocations, while a great plan automates this process.
"a good financial plan does three things it tells you how much money you can spend it tells you how much money you need to invest and it tells you how much money you need to save a great financial plan automates your good financial plan"
Pending
For younger individuals, a recommended financial plan is to spend a maximum of 50%, invest a minimum of 30%, and save a minimum of 20% of their earnings.
"for every dollar that you earn you can spend a maximum of 50 cents you should be investing a minimum of 30 cents and you should be saving a minimum of 20 cents"
Pending
Automating finances with separate bank accounts for spending, savings, and investments is an effective way to stick to a financial plan and prevent accidental overspending.
"the easiest way to force your stuff to stick with your plan is to automate it and create two or three different bank accounts One bank account is going to be your checking account this is the money that you can spend one bank account is your savings account this is your money that you're saving for emergencies and One bank account could be for your investment money"
Pending
Investment money should be used to acquire assets that generate income, not liabilities that drain finances. It can accelerate debt repayment, stock and real estate purchases, or business ventures.
"your investment money is the money that you're using to build your wealth faster you can use your investment money to pay down your debt faster you can use it to buy stocks or real estate or start your own business the main thing with your investment money is this money needs to be Ed to buy assets which are things that pay you you do not want to use your investment money to buy liabilities which are things that just take money away from you"
Pending
After accumulating a 6-month emergency fund (separate from funds for down payments), consider reallocating savings towards investments or increasing spending money.
"once you have 6 months of these expenses saved for an emergency this is not money that you're saving for a down payment on a home or something else this is just cash you're saving for an emergency once you have 6 months of these expenses saved now you want to start thinking about reallocating the saving money either to your investment or maybe a little bit to your spending money too"
Pending
Paying down debt with an interest rate of 6% offers a guaranteed 6% return, making it a risk-free investment strategy.
"the most risk-free way to invest your money is to pay down your debt faster because if you're paying 6% a year in interest on your student loans and you pay off your student loans a year early well you just got a guaranteed 6% return on your money"
Pending
Index funds offer a lower-risk way to invest in the stock market by pooling money into a fund that holds a diversified basket of stocks, suitable for those who prefer passive investing and want to avoid individual stock analysis.
"if you want to be more of an active investor but you don't really want to go into the details of analyzing companies and stocks then you could look into investing in index funds you can think of an index fund kind of like a group of stocks ... this is your lower risk way to invest your money into the stock market because now you're not investing in an individual company you're investing in a fund that invests in a whole bunch of companies"
Pending
ETFs trade like stocks with no minimum investment (besides share price), while index funds often have minimum investment requirements and trade less frequently.
"ETFs trade differently than index funds ETFs trade just like stocks you can buy and sell shares of an ETF just like any other stock ... versus an index fund you're typically going to have some sort of investment minimum it might be $11,000 it might mean $110,000 depending on which Index Fund you're investing in"
Pending
Investing in individual stocks offers the potential for higher returns by identifying promising companies, but also carries greater risk of loss if a company fails.
"if you want to be more active with your Investments ... you have the ability to earn more money because now you can try to find the best companies to invest in Now obviously that has more risk because you can invest your money into a company and then see you go bankrupt and now you lose your old investment"
Pending
Valuing a company involves analyzing financial statements (cash flow, P&L) and qualitative factors like leadership, innovation, products, and competitive landscape.
"you need to look at the fundamentals of a company that means you need to understand the cash flows you need to understand the profit and loss look at all the financials look at the numbers are they profitable if so how are they profitable how much money are they making where are their expenses where are they inves investing ... come up with the valuation then you also have to look at the non-numbers you need to look at the company itself who are the executives are they innovating what kind of products are they creating"
Pending
Service-only businesses are not easily scalable because income is directly tied to the owner's physical presence and effort, limiting growth potential.
"I tried both of these but the thing that I kept learning was that when I do a service only business it's not very scalable ... if I wasn't physically hosting an event I wasn't getting paid so I had to physically be there to get paid ... it wasn't scalable I had to physically keep calling clients ... if I wasn't the one closing the deals ... nothing was going to happen"
Pending
Selling undifferentiated products from overseas via dropshipping or e-commerce is not recommended for building a scalable and protectable business due to intense price competition.
"I would not start a drop ship e-commerce store or any sort of e-commerce store where I'm just selling random products that anybody can buy from Alibaba or AliExpress or somewhere in China because I want to build something scalable that I can protect that people can't just compete against by undercutting my prices"
Pending
When starting a marketing agency, it's more effective to specialize in a specific area, such as Instagram ads, YouTube ads, or newsletter ads, rather than trying to offer all marketing services.
"if I wanted to go back now and start a marketing agency ... I would want to zero in on one particular item and help business owners with that help them with social media Instagram advertisements or Facebook advertisements only YouTube ads only newsletter ads only"
Pending
Initially seeking clients for free is recommended to gain testimonials, experience, and endorsements.
"go and try to find some clients for free yes you want to start for free because you need to get some testimonials you need to get the experience and you need to get people who are now going to vouch for you and say wow you did a good job"
Pending
It's possible to start building a business, brand, or product with very little capital; the YouTube channel 'Minority Mindset' was launched for under $500.
"most of the time 99% of the time you can go out and start building your business your brand your product with very little amounts of money I started my minority mindset show this entire YouTube channel with less than $500"
Pending
Achieving business success requires a willingness to work hard and hustle; expecting instant results without effort will make success difficult due to the inherent challenges of building a business.
"if you want everything today and you're not willing to put in the hustle and the work to get it well it's going to be extremely difficult for you to actually put in the Reps to get the success because building business is hard"
Pending
The speaker's business progression involved starting in event planning, moving to real estate (sales, wholesaling, investing), then online sales (Amazon, e-commerce), and finally creating a YouTube channel.
"I started off in event planning that was my first business then I got into real estate ... then I got on to the internet I started selling on Amazon then I started my own e-commerce store and after that after doing all this and investing in real estate I then got on the internet with my YouTube YouTube channel"
Pending
Investing $1,000 in the stock market to achieve a 7-10% annual return will yield only about $100 profit after taxes and selling, which is insufficient to significantly change one's lifestyle or significantly grow wealth.
"if you have $1,000 sitting in your savings account right now ... the third option is you can invest this money ... if you put this money into the stock market now you're trying to grow this money by 7 to 10% a year ... the problem with that is you don't actually make the $100 until you sell your stock ... the second problem with that is the $100 isn't a ton of money it's not going to change your lifestyle either"
Pending
With only $1,000, the priority should be investing it in ways that enable earning more money, such as through education, to increase future investment capital, rather than directly investing it passively in the stock market.
"how can you take this $1,000 that you have right now and grow it that way now you can take $11,000 every week or every month and put this money to the stock market ... what can you do with this thousand today to make that happen that's what you need to be figuring out how you can invest that money today"
Pending
A $1,000 could be invested in a business idea or personal brand, but caution is advised as most ventures can be started with minimal capital, emphasizing the importance of lean beginnings over expensive equipment.
"you need to take this $1,000 ... and invest it into your own business idea if you want to work to build your personal brand then maybe you go out and buy a camera you go out and buy some lights but I do want to caution you with this as well because most of the time 99% of the time you can go out and start building your business your brand your product with very little amounts of money"
Pending
The concept of 'passive income' is partially true but also misleading; there's no income stream that pays indefinitely without any ongoing effort.
"passive income is the idea that you can make money without doing any work and that whole concept is kind of true but it's also kind of a lie there's no true way to create an income that will pay you forever without you having to do anything"
Pending
Hypothesizes that investing $6,200 (average US household credit card debt) at age 21 with a consistent 20% annual return until age 66 could result in retiring with $15-$20 million.
"if you were 21 and he had $6,200 which is the average household credit card debt right now in America if you had $6,200 when you're 21 and you invested that and you never invested another Penny again and you were able to get a 20% return on your money and you did that year after year until you turned 66 when you retire you would retire with north of 15 or $20 million"
Pending
Recommends using YouTube and Audible for learning about money management, investing, and entrepreneurship, suggesting reading the top 10-30 rated books in these categories as a cost-effective alternative to an MBA.
"I was actually just on like right now before this a podcast where the host was asking me similar questions like where can they start learning where can people start learning well obviously start with YouTube because it's a free resource it's super accessible and then second go on to Audible and just search whatever it is that you want whether it's money management investing starting a business entrepreneurship biographies it does not matter pick one of these categories that you want to learn from find the top 10 20 30 books in terms of ratings read all of them and that is going to be now your MBA for less than a few hundred bucks you just saved a 100 Grand and you are going to learn even more than your NBA by reading these 30 books I promise you"
Pending
Suggests that conquering fears through activities like acting or singing can build confidence and self-esteem, which are necessary for financial success and making sacrifices. It implies that becoming comfortable with being uncomfortable is key to achieving financial goals.
"It's a little bit more comfortable when you're you know I'm going to go take an acting class now you're forcing yourself to do something you're not comfortable with or you're going to sing or do comedy something that you feel the most scared about go and do that because once you can conquer that and you're going to realize oh maybe if I sell my Beamer and I drive a Toyota Camry and everybody starts making fun of me I'll be okay with it right and so it's being comfortable with yourself you're trying to build your own self-esteem you're trying to build your own confidence because the reality is now to go and become successful it's going to take sacrifice"
Pending
Emphasizes the importance of having emergency cash savings to avoid going into debt during unexpected events, drawing a parallel to market crashes which historically occur every 8-12 years.
"so you want to just protect yourself from it by having a little bit of cash because the reason why so many people get into a bad financial situation is because they're not prepared for a bad financial situation because we never expect it to happen when in reality it happens they have always happened it's like saying oh the Market's never going to crash it's happened every 12 8 to 12 years for the last century like it happens mhm so instead of getting blindsided Ed by a potential accident happening be prepared for it putting aside some cash"
Pending
Prioritizes paying off high-interest debts, such as credit card debt and 0% APR loans that accrue high interest if not paid off on time, stating they are financially detrimental.
"paying down your high interest debts things like your credit card debt things like hard money loans things like when you go and borrow money at 0% APR but don't pay it off in time and now you have a 22% interest rate pay these things off first because they are literally skinning you alive"
Pending
Proposes a scalable 75/15/10 financial plan: spend a maximum of 75%, invest a minimum of 15%, and save a minimum of 10% of all income earned, regardless of income level.
"creating something like a 75 15 10 plan where for every dollar you earn from now on anytime you earn a penny or a dollar it's going to flow through the system but for every dollar that you earn 75 cents is the maximum that you can spend 15 cents is the minimum that you're investing and 10 cents is the minimum that you're saving now once you do this you you have a system that can scale with you whether you're making $20,000 a year or $200,000 a year or 20 million dollar a year that system will scale"
Pending
Recommends saving 3 to 12 months of expenses for emergencies, with the amount depending on age, financial responsibilities, and risk tolerance. Suggests that more than a year's worth of savings is excessive.
"you want to save somewhere between 3 months and 12 months worth of expenses so if you're 23 years old and you got very little uh financial responsibilities you could take a lot more risk you don't got a spouse you don't got kids well now guess what you might only need a few months worth of expenses and now you have a solid savings account if you're older you have a spouse you have kids now maybe you want more than 3 months Maybe maybe you save 4 months 6 months maybe you don't like Risk you just want to be completely financially secure and never have to worry about money then maybe you save nine months or a year is worth of savings expenses I don't think you need more than a year"
Pending
Outlines a personal investment portfolio allocation: business, startups, real estate, stocks, cryptocurrency, and physical gold, in descending order of portfolio weight.
"I invest my money into my business Market briefs I invest my money into startups which is also number one then I invest my money into real estate invest my money into stocks invest my money into cryptocurrency and physical gold these are the five places that I invest my money in this order in terms of biggest to smallest part of my portfolio"
Pending
States that a 401(k) alone is insufficient for a wealthy retirement, citing the 401(k)'s founder who considers it a 'monster' that has 'gone awry' due to people relying on it as their sole retirement plan alongside Social Security.
"planning for retirement is your 401k enough and unfortunately the answer is no many times we assume that your 401k is enough and all you need is a 401k a healthy 401k to re retire wealthy but that's not the case your 401k was never designed to be your sole retirement plan in fact the founder of the 401K has come out openly and he has said that the 401K has become a monster and that the 401K has gone arai because so many people who are investing in the 401K think that their 401K is going to be all they need in order to retire successfully with their social security that is a big fat lie it is not enough you have to invest your money yourself"
Pending
Introduces the 'rule of five': one cannot afford an item if they cannot afford to buy five of them. This rule is suggested as an exception for houses (due to mortgages) and potentially necessary cars, but not for luxuries.
"my rule of five which is if you can't buy five of them you can't afford one of them so you want to go out and buy a $1,000 Gucci bag fine you got five grand in your pocket right now to buy it if no you cannot afford it the only exception to this rule would be your house because now if you want to buy a house yeah you might need a mortgage for that and I don't expect you to have you know5 times of house value and you could potentially make an exception for your car if it's necessary personally for myself I don't make that exception but again now it's going to be very difficult if someone wants to buy a $20,000 card to have $100,000 in their bank account"
Pending
Contends that most financial struggles stem from expense problems, not income problems, as increased income often leads to proportional increases in expenses, a phenomenon that keeps people financially stagnant.
"if you ask most people what's causing your financial struggles right now every single person is going to say I'm not making enough money right it it's just a very common thing where it's it's it's income problem not an expense problem however the reality for the vast majority of those people is it's not an income problem it's the expense problem because what happens is you assume oh if I just made some more money then I can pay down my debts I could do this I could do that but what happens to so many people is you make more money and your expenses go up you need a nicer car you want to go on a vacation you want to do this you want to do that you want to celebrate because now you have a bigger income and now all of a sudden you had a bigger income but your expenses end up magically to align with your income this is what keeps so many people broke"
Pending
Discusses the Inflation Reduction Act's $80 billion investment in the IRS, aimed at increasing audits and tax collection to manage government debt, questioning its effectiveness in reducing inflation given the government's spending.
"the tax side so they're hiring they're they're investing 80 billion in the IRS to start auditing more people essentially right to start trying to get more money from people and that's only one part of the inflation reduction act so let's go big to go small because the inflation reduction Act is supposed to reduce inflation that's what the name says I'm fun is I'm laughing cuz it's kind of because how do you reduce inflation you spend less money uh because the government has spent so much money they didn't have which caused money printing tax more people BR you collect more exactly so that's how do you now pay off all this debt remember the government doesn't make money they tax you they tax me they collect taxes and then that's what they use to pay off their expenses"
Pending
Claims that in 2021, 50% of IRS audits targeted individuals earning less than $75,000 annually.
"well in 2021 one 50% of IRS audits were on people earning less than $75,000 a year come on 50% 50% 50% how do they how do they know how do they is that public information go search it on Google Google has a lot of information 50% of the audits were on people that were making less than under $75,000 a year wow"
Pending
States that startups are the primary investment, followed by real estate, stocks, cryptocurrency, and physical gold.
"I invest my money into startups which is also number one then I invest my money into real estate Invest my money into stocks invest my money into cryptocurrency and physical gold"
Pending
Focuses on acquiring real estate for cash flow through rental income ($1,500/month on a $150,000 property) rather than solely for capital appreciation.
"when I invest in real estate I don't just buy a property with the goal of trying to sell it for a huge profit when I buy a property my goal is to get cash flow so if I buy a property for let's just say $150,000 I'm going to buy this property not with the intention of selling it for $200,000 I'm buying it because now I know that this property is going to rent out for $1,500 a month every month and now what I've done is I've created a new passive stream of income"
Pending
Characterizes cryptocurrency as a speculative, risky, and volatile investment driven by a people's movement and loss of trust in traditional financial institutions, emphasizing the need for education due to its potential for rapid price fluctuations.
"cryptocurrency is a much more speculative and it's a much more risky and volatile investment in the sense that you can see cryptocurrency Rise and Fall very fast but you have to understand again why are you investing I like cryptocurrency because it's the people's movement of money people are losing their trust in The feder Reserve Bank they're losing their trust in the treasury Department and so people are looking for alternative ways to store their money to store their wealth and one of the ways that they're doing that is with cryptocurrency and you also have a lot of powerful technology behind cryptocurrency again very risky and if you don't know what you're doing and you just dump your money into it then you might be very disappointed if you see cryptocurrency prices go down again this is education is so important with gold is very different"
Pending
Views physical gold not as an investment for wealth generation, but as 'real money' and a store of value, providing protection against the devaluation of fiat currency.
"gold is very different I own physical gold not a gold ETF but actual physical gold and I look at gold as real money I don't look at gold as an investment I don't care if gold prices go up or down for me gold is real money because it represents a store of value it takes time effort and labor to mine an ounce of gold so it really represents value as opposed to our dollars which aren't backed by anything tangible it's not backed by gold or silver or anything else is backed by A Promise by the United States government that our dollars have value and because of that the value of our dollars can be manipulated they can be diluted and so I own physical gold as a protection against that but again I don't look at gold as an investment that's going to make me Rich I look at gold as an asset as a money that I keep as a stal value"
Pending
Suggests investing in startups, accessible through crowdfunding with as little as $100, offering early-stage exposure with high risk but potential for significant returns if the company succeeds.
"I also invest in startups and other businesses there are ways for you to invest your money outside of the stock market if you want to be more involved with your money and these allow you to get paid in a variety of ways... now thanks to crowdfunding you can invest in startups with as little as like a $100 and now you can go and invest in some of these companies again highly risky but now you can get exposure to these companies at an early stage that would if they go big you got in early because now you were able to do that thanks to technology"
Pending
Stresses the importance of tracking all expenses to understand spending habits, comparing it to grading one's own school test, and emphasizes manual review of bank statements, payroll, and credit card statements to track income, expenses, savings, and investments.
"the first thing you need to do is figure out where all your money is going money where oh there you are why do you keep hiding from me this is the part that nobody likes doing because you're going to have to talk with yourself about your spending habits what did I tell you about paying $700 for scarves it's almost like when you were in high school and then your teacher would pass back your test results and you would see that oh my God you were so close to an A but you had made 15 careless mistakes maybe that was just me but you have to do the same thing now with your money except you have to be the one that grades yourself we're going to do this the old school way so I want you to clean off your kitchen counter and bust out your Banks statements your payroll statements and your credit card statements now write down how much money you made last month and then write down where all of your expenses and write how much money you saved and how much money you invested"
Pending
Offers two budgeting plans: 75/15/10 (spend 75%, invest 15%, save 10%) for older individuals with financial responsibilities, and 50/30/20 (spend 50%, invest 30%, save 20%) for younger individuals to aggressively build wealth.
"you can follow our 75 1510 plan which says that for every dollar that you earn you can spend a maximum of 75 cents you should be investing a minimum of 15 cents and you should be saving a minimum of 10 cents if you are younger and you don't have financial responsibilities this is your time to double down and build your wealth so you can follow our 503020 plan which says that for every dollar that you earn you can spend a maximum of 50 cents you should be investing a minimum of 30 cents and you should be saving a minimum of 20 cents"
Pending
For individuals in their 20s seeking maximum growth, advises investing $1,000 primarily in education (10%) and actively working to generate income (90%) rather than passively investing in stocks, real estate, or crypto.
"if I had $11,000 to invest today and I was 21 years old or 25 or 28 or in my 20s I would not invest this money if I wanted the biggest growth and I want the biggest returns I would not put this money into the stock market I would not put this money into real estate I would not put this money into cryptocurrency I would not take this money to the casino I would invest this money into something that would give me the most scalable and the most growth into something that will pay me consistently with cash flow and Equity the first thing that I would do is I would take this ,000 and divide it up into to two pieces I would take 10% or $100 and put this into my education side and then I would take the other 90% or $900 and put this into my actual doing side"
Pending
Emphasizes that self-directed education (YouTube, podcasts, books, classes, coaches, consultants) is more valuable for business and financial success than formal schooling, and that ongoing investment in this area is crucial.
"I have spent many multiple times more on my real education and my business education now than I have spent on all of my formal education now where does this education come from now of course you can start by watching YouTube videos it's a free way to start you can listen to podcast on another free way to start but then you can also start reading books you can start taking classes then you can start hireing coaches and then you can start hireing consultants"
Pending
Advocates for specializing in a single marketing niche (e.g., Instagram ads, YouTube ads, podcast booking) to build a compelling pitch and become an expert, rather than trying to offer all marketing services.
"I would want to zero in on one particular item and help business owners with that help them with social media Instagram advertisements or Facebook advertisements only YouTube ads only newsletter ads only get people onto sponsors only get people with referral marketing be the expert when it comes to getting communities to refer someone's product to their friends or people that they know be the expert at getting people onto podcasts be the expert at getting people into news if you can focus in on one Niche now you have a much more compelling pitch that you can give to businesses saying hey I only work with getting people viral on Instagram I don't work with Twitter I don't work with Facebook I don't work with YouTube I don't know about any of the other stuff but I'm an expert when it comes to getting people viral on Instagram when you do that you are going to have a much more compelling pitch to people who want that particular product"
Pending
Demonstrates that significant businesses can be started with minimal capital, citing the Minority Mindset YouTube channel's launch with less than $500 using only a smartphone, a tripod, and free editing software.
"I started my minority mindset show this entire YouTube channel with less than $500 and I save $500 to be very gracious but I know it was significantly less than that I didn't have a fancy camera when I got started I didn't have fancy lighting when I got started I I had my cell phone my iPhone that I had and then I had a tripod that I bought off of Amazon I think I paid $25 for the tripod and that was it I don't have any fancy microphones I don't have any fancy editing equipment I don't have anything I used my $25 tripod I think I might have bought a $25 light as well so maybe let's just say 50 or 60 bucks to get started with the equipment I recorded the videos off my cell phone with no mic or anything and then I edited it on the free editing software that my computer had and then I uploaded it to YouTube"
Pending
Encourages starting a business without striving for perfection, highlighting that pivoting is possible and that learning occurs through action. It illustrates this through a progression of businesses started, from event planning to real estate to e-commerce and YouTube.
"Perfection can be the enemy of great and this is where now the key is you just got to get started and if you do something that you no longer want to do you can always pivot but I guarantee you're going to learn something I started off in event planning that was my first business then I got into real estate by real estate I don't just mean investing in real estate I was doing that but I also got my real estate salesperson's license I also became a real estate wholesaler then I got on to the internet I started selling on Amazon then I started my own e-commerce store and after that after doing all this and investing in real estate I then got on the internet with my YouTube YouTube channel and so it's progressions you got to figure out what kind of path you can take and what is going to be right for you and what's right for you is going to evolve but you got to get started and you got to just keep putting in the reps"
Pending
Suggests that investing $1,000 in the stock market to achieve a 7-10% return, resulting in about $100 profit in a year, is not the most effective way to grow wealth. It contrasts this with spending the money or saving it in a high-interest account.
"the best thing for you to do is not put this money into the stock market I'll show you see if you have a $1,000 sitting in your savings account right now you have a few different options of what you can do Number one is you take this ,000 you go to the mall and your buy us up a new watch that's spending the money but now this ,000 is going to slowly go down to zero so you're essentially throwing this money in the garbage Option number two is you can save this money now if you take this ,000 and you put it into a high interest savings account that's paying let's just say 5% in interest now you're going to generate $50 over the course of a year not a ton of money but better than nothing it's better than spending that money but the third option is you can invest this money and this is where most people think oh you can put this money into the stock market or you can put it into real estate although you're not going to be able to buy a rental property with $1,000 in today's market so if you put this money into the stock market now you're trying to grow this money by 7 to 10% a year that has been the historical average when you invest your money into the stock market so let's assume you can get a 10% return on the $1,000 investment that means you invest $11,000 into the stock market after one year you were going to make $100 of profit"
Pending
Distinguishes between 'earning money' (which doesn't require initial capital) and 'growing money' (which does). It emphasizes that to grow money faster, one needs more money to invest, and the initial $1,000 should be used to generate more income.
"it takes money to grow your money but it doesn't take money to start earning that money and so when a comes to Growing your money with these passive assets stocks and real estate they are there to grow the money that you've already worked to create and if you want to be able to grow your money faster and grow more money you need more money to invest and this is where going back to what I said just a second ago it's important to remember it takes money to grow your money but it doesn't take money to start earning that money if you got $1,000 right now the question is how can you take that $1,000 and invest it in a way that's going to earn you more money"
Pending
Recommends investing $1,000 in education (classes, books, seminars, coaching) to increase earning potential, advising to start with free resources like YouTube, podcasts, and books before committing to paid programs.
"the way you invest into your education is pretty straightforward take this ,000 and now invest it into classes books seminars coaching something that's going to allow you to earn more money now before you go out and you spend this money I do want to give you a little bit of caveat because the last thing that you want to do is just throw this into any sort of clo class or education or coaching on the internet and then you find out this wasn't right for you so start with the free information out there go out and watch free YouTube videos listen to free podcast and then start reading some books you got to kind of progress down this in a more gradual way because you want to make sure that you're putting this money into something that's going to actually drive you and deliver you some value"
Pending
Suggests that building a personal brand or business, like a YouTube channel, can be started with minimal capital ($500 or less) using basic equipment like a smartphone and tripod, rather than expensive gear.
"if you want to work to build your personal brand then maybe you go out and buy a camera you go out and buy some lights but I do want to caution you with this as well because most of the time 99% of the time you can go out and get started and start building your business your brand your product with very little amounts of money I started my minority mindset show this entire YouTube channel with less than $500 and I save $500 to be very gracious but I know it was significantly less than that I didn't have a fancy camera when I got started I didn't have fancy lighting when I got started"
Pending
Illustrates an entrepreneurial path through a series of evolving businesses: event planning, real estate (sales, wholesaling), Amazon selling, e-commerce, and finally a YouTube channel, emphasizing progression and learning through action.
"I started off in event planning that was my first business then I got into real estate by real estate I don't just mean investing in real estate I was doing that but I also got my real estate salesperson's license I also became a real estate wholesaler then I got on to the internet I started selling on Amazon then I started my own e-commerce store and after that after doing all this and investing in real estate I then got on the internet with my YouTube YouTube channel and so it's progressions you got to figure out what kind of path you can take and what is going to be right for you and what's right for you is going to evolve but you got to get started and you got to just keep putting in the reps"
Pending
Suggests that true 'passive income' where one makes money forever without any work is a misconception. It states there are three general ways to generate cash flow, with varying degrees of passivity.
"passive income is the idea that you can make money without doing any work and that whole concept is kind of true but it's also kind of a lie there's no true way to create an income that will pay you forever without you having to do anything there are three General ways that I generate cash flow and some of these are way more passive than others they are prr"
Pending