If You Feel Broke - Do These 5 Things Today
Published: 2023-12-08
Status:
Available
|
Analyzed
Published: 2023-12-08
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Moving credit card debt to a 0% APR card does not work for most people.
"if you're one of the millions of Americans that has credit card debt this is where everybody says just move this credit card debt to a 0% APR credit card that way you don't have to worry about the interest anymore except that doesn't work either"
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Industries selling 0% APR credit cards profit by giving the illusion of free money, encouraging overspending.
"when most people hear 0% APR they think zero cost that's why Industries selling you 0% APR are so profitable because they are giving you the illusion of free money so you can buy whatever you want and worry about the price later"
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The first step to fixing financial problems is to stop excessive spending.
"you got to stop the financial bleeding"
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Paying down high-interest debt is a crucial step in financial recovery.
"you got to figure out how to pay down your high interest debts if you have any"
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Increasing income is identified as a necessary step in financial improvement.
"you got to figure out how to get more money"
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Making lifestyle adjustments is presented as a key component of financial health.
"you got to make a lifestyle adjustment"
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The ultimate goal is to have money generate more money through investments.
"you got to let your money make you more money"
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Specific examples of spending to cut include dining out, vacations, luxury shopping, mall visits, and subscription services.
"stop eating out of restaurants number two stop going out on vacations number three stop going to the Gucci store number number four stop going to the mall in general and number five you got to cancel that monthly massage membership"
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It is advised to renegotiate bills with service providers like cable, internet, and phone companies to lower costs.
"call up your cable company your internet company your phone company and see if they can lower your bill"
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It is essential to track all income and expenses to understand financial flow.
"you need to write down where your money is coming and where your money is going"
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Tracking expenses will reveal forgotten expenses and subscriptions, allowing for cost reduction.
"as soon as you do this you're going to see a whole bunch of expenses you forgot that you had you're going to find subscriptions you forgot that you were paying for"
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Understanding spending habits leads to living within one's financial means.
"that's going to allow you to finally start living within your means"
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The power of compounding returns through investing is highlighted.
"let me show you the power of compounding your money and investing your money"
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Investing $100 a month at a 20% annual return from age 25 to 65 could result in $10 million at retirement.
"if you can invest $100 a month and you start this at the age of 25 and if you're not 25 years old well let's assume that you're 25 years old and you start investing $100 a month and you put this money into the stock market and you can get an average 20% return a year and you do this until you retire when you're 65 years old for 40 years now when you retire guess what you're going to have $10 million to your name"
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Credit card companies charge high interest rates, often between 15% and 28%, on unpaid balances.
"your Visa your MasterCard your American Express your credit card company is charging you 15 20 25 sometimes 27 28% in interest on every dollar that you spend that you don't pay back in time"
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Prioritizing paying down high-interest debt is more important than investing in the stock market or real estate initially.
"everybody talks about oh when do I put my money in the stock market how do I grow my money in real estate how do I put my money into this but the first thing you got to do is you got to pay down this High interest debt first"
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Using a 0% APR credit card to consolidate high-interest debt can be beneficial, but only after controlling spending.
"it could be worthwhile for you to move some of this highin debt to something like a 0% APR credit card notice before we do that you got to figure out how to stop the financial bleeding you got to figure out how to control your spending before you move your money to a 0% APR credit card"
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Many people fall into a trap with 0% APR cards by overspending and incurring higher interest rates when the promotional period ends, leading to a worse financial situation.
"you take this debt that you have and you move it to a 0% APR credit card and you think of it like free money you forget about the interest that you're supposed to be paying and then you start swiping like you did before now your debt balance starts to increase instead of decrease and then there's 0% APR period expires and now you get hit with even higher interest rates now you're stuck in a bigger Financial hole that you were in before"
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With a 0% APR period, it becomes possible to aggressively pay down debt faster by allocating more funds towards it.
"now if you don't have any interest for 12 or 6 or 18 months now you can attack this debt as fast as possible put more money towards this debt that way you can pay this off quickly"
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The purpose of earning more money should be to accelerate debt repayment, increase savings, and build wealth, not for lifestyle upgrades.
"you're not getting more money to drive a faster car to go on a better vacation to have a bigger home you're getting more money that way you can pay down this High interest debt faster and that way you can invest more money save more money and build more wealth"
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The internet offers an infinite number of opportunities to earn more money through side hustles, provided one is willing to work for it.
"you can do this by creating a side hustle there are so many ways for you to create more money especially not because of the internet there's an infinite number of ways to earn more money if you're willing to put in the work"
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Wealthy individuals generate money to make more money, using their investments to fund their lifestyle rather than their earned income.
"wealthy people make money to make more money they don't make money to drive a faster car they let the money that their money makes buy them that faster car"
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Lifestyle adjustments might involve reconsidering large homes, expensive cars, financed vehicles, and deciding to rent instead of buy.
"maybe I shouldn't have bought such a big home maybe I shouldn't have bought such an expensive car maybe I shouldn't have financed this car maybe I should have bought my car with cash maybe I should still rent a place"
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High monthly car payments, coupled with expenses like gas, insurance, and maintenance, can significantly hinder wealth-building.
"when you're paying all this money for your car payment and then the premium gas and then the insurance and then the maintenance well you're often times sacrificing your ability to actually build any wealth because all of your money is going to BMW all your money is going to Mercedes all your money is going to Jaguar"
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Downsizing can involve selling expensive cars for more economical used models and moving to smaller homes or apartments to reduce payments.
"get rid of that expensive car and go to a used Toyota Corolla or a Toyota Camry or a Honda Accord maybe that means you get a downsizer house maybe that means you're sell house pocket some cash hopefully and go into a smaller apartment go into a smaller home"
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A choice must be made between achieving true financial freedom and wealth versus projecting an image of wealth for social acceptance.
"what's more important to you would you rather be a millionaire would you rather be wealthy would you rather have that Financial Freedom or do you want to look rich so everybody else thinks that you're just part of the club"
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Instead of spending money, it should be used to acquire assets such as stocks, real estate, and businesses.
"taking your money some of the money that you make and instead of spending it you're going to use it to buy assets things like stocks things like real estate things like businesses"
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One can invest in companies like Apple, Louis Vuitton, Gucci, and Chipotle by purchasing stocks, thereby becoming a part-owner.
"instead of going out and shopping at Louis Vuitton at Gucci at Chipotle at Apple, you can buy a piece of these companies"
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Instead of paying rent or mortgage, consider buying rental properties to generate income.
"instead of just going out and paying money to your Banker or your mortgage or your landlord, you go out and buy a rental property"
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The shift from being a consumer to being a producer is fundamental for wealth building.
"instead of just being a consumer you want to be the producer"
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It is possible to invest in real estate by owning shares of real estate investment companies available online.
"own shares of real estate because there are companies on the internet that allow you to own shares of real estate"
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While asset values can decrease during market crashes or recessions, historical data shows they have risen over the past century.
"there's risk if the economy goes down if you see a market crash if you see a real estate crash if you see a stock market crash the value of your asset goes down however what we've seen over the last century is that despite the market crashes despite the recessions we've seen asset values rise"
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The key difference is that investors spend money to generate more money for themselves, while consumers spend money to benefit others.
"when you're an investor you're spending your money to make you more money when you're a consumer you're spending your money to make somebody else more money"
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An ebook titled 'How to Build Wealth as an Investor' is available for free.
"how to build wealth as an investor"
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The ebook covers investor mindset, saving, debt repayment, various investment methods, cash flow generation, smart spending and earning, and asset protection.
"in this ebook we start with the basics of how do you build the mindset of an investor to how do you save your first couple thousand dollar to how do you pay down your high interest debts to then going a little bit more advanced to how do you invest your money what are the different ways that you can invest your money how do you generate cash flow from Investments to how do you spend your money smartly to how do you earn more money smartly to how do you protect your assets"
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There are five significant 'money lies' that contribute to people remaining poor.
"there are five big money lies that are keeping so many people poor"
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