Your 2024 Step By Step Plan To Become A Millionaire
Published: 2023-12-18
Status:
Available
|
Analyzed
Published: 2023-12-18
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
The speaker learned from money books that wealthy people invest in real estate and decided to follow this advice.
"real estate prices were at Rock Bottom I read some money books and every money book said that wealthy people invest in real estate I didn't know what that meant I didn't know any Real Estate Investors I so had no idea kind of what that was but I was like well if wealthy people own real estate I want to own real estate too"
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The speaker purchased their first rental property for $8,000 after the 2008 crash, which was originally valued at $150,000.
"this is right at the bottom of the 2008 crash where real estate prices were selling for pennies on the dollar I took the Medical College admission test in August 22nd and on August 23rd I closed on my first rental property it was a 1,000 ft² condo it had originally sold for $150,000 a few years prior before the crash and now it was on sale for $8,400 that was a total price I bought it for $8,000"
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Individuals struggling with a negative mindset towards success and wealth should invest in personal and self-development by reading books from authors like Tony Robbins.
"if you feel like you struggle with this if you feel like you have a negative association with money where you've ever said or you recently have said something along the lines of I can't become successful I won't become successful it's hard for people like me to become successful I don't know if I could do it this sucks like if you have that negative association with success and wealth and abundance what I want you to do is you need to start by investing in your personal development and your self-development go read books by people like Tony Robbins other personal development self-development books go read five of them find the five most popular ones that you can find that have a lot of ratings a lot of positive reviews just go out and read them"
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A critical step in building wealth is to save a minimum of $2,000 to get out of a 'financial danger zone'.
"you need to go out and save your first $2,000 if you do not have $2,000 saved up you are in a financial danger zone"
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High-interest debts like payday loans and credit card debt must be paid off before focusing on investments.
"you got to get out of the high interest debts the payday loans the credit card loans the credit card debt all these things have to be paid off before you start worrying about investing because these things are skinning you alive"
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The speaker prefers to invest primarily for cash flow, aiming to continuously acquire more cash-flowing assets rather than relying on selling investments.
"I prefer investing most of my money for cash flow the bulk of my investments are cash flow Investments because I like the cash flow because I like the idea of just stacking cash flow this way I don't have to worry about selling by Investments I can just keep working to slowly buy more cash flow every week every month every year where I just want to keep stacking the cash flow"
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It is possible to start investing with less than $100, and a consistent investment of $50 per month is recommended as a starting point.
"you can get started with less than 100 bucks you just got to figure out what it is that you want to invest in and then set up a system if you can invest 50 bucks a month start with that just start with 50 bucks a month and stay consistent no matter what every single month put aside at least 50 bucks a month into your Investments"
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For non-necessities like cars and phones, it is advised to pay with cash rather than financing.
"if you want to buy a car pay for it with cash want to buy a phone pay for it with cash not Finance it"
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A rule of thumb for non-essential purchases is to ensure you can afford to buy five of the item before purchasing one, meaning a $1,000 phone requires $5,000 in savings.
"if you want to buy a $1,000 phone I like to follow the rule of five which says if you cannot buy five of them you can't afford one of them especially as for things that are not Necessities in your life you want to buy a $1,000 phone fine you better have $5,000 in your bank account if you want to go out and buy the $1,000 phone"
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Wealth is built through assets, not salary; what is done with earned income is more crucial than the income amount itself.
"most people assume that your wealth is built through your salary but that's not true your wealth is built through your assets what's more important than how much you earn is what you do with what you earn"
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Achieving wealth requires a 'decade of sacrifice,' involving consistent work and delayed gratification, rather than immediate spending and freedom.
"I call it a decade of sacrifice and the reason why this is so hard for a lot of people is most people can't assume that I'm going to put in the work for a decade I want to have the money I want to have the fun I want to have the freedom today well you can keep spending today but eventually that decade's going to go by and then after that decade either you're going to be in a bigger Financial hole or you can be wealthy"
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Due to America's litigious nature, it's important to invest in legal professionals to protect built wealth from potential claims.
"America is the most litigious country in the world and when people realize that you have money they can try to take their hand put it in your pocket and take some of it for themselves this means you got to start investing in the right attorneys to protect you"
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Tax advisors are essential for businesses and real estate investors.
"you absolutely need to get a tax adviser if you have a business if you're investing in real estate you have to invest in a Tax Advisor"
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A good tax advisor will proactively manage bookkeeping and discuss tax liability and strategic options.
"a good Tax Advisor is going to handle your bookkeeping and then meet with you regularly and tell you this is what your tax liability is and here are your tax strategy options"
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Paying for insurance, while inconvenient, is a small cost to prevent much larger future problems.
"insurance is a headache to pay but it's a small price to pay that can prevent a much bigger headache in the future"
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Following the outlined financial steps is predicted to lead to a significantly different life and financial standing within six months and two years.
"if you start following these steps I guarantee that 6 months from now you're going to be living a completely different life and two years from now you're going to look back and see a completely different person financially"
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Mastering wealth building involves three key areas, with the first being understanding and controlling cash outflow.
"there are only three things that you have to master number one is you have to understand and master the outflow of your cash number two is you have to master and control"
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The speaker suggests that wealthy individuals invest in real estate, implying it's a path to wealth.
"real estate prices were at Rock Bottom I read some money books and every money book said that wealthy people invest in real estate"
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Highlights that real estate prices were extremely low following the 2008 crash, presenting a significant buying opportunity.
"this was right at the bottom of the 2008 crash where real estate prices were selling for pennies on the dollar"
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The speaker details purchasing a condo for $8,000 that had previously sold for $150,000, illustrating a dramatic price drop and potential for profit.
"it was a 1,000 ft² condo it had originally sold for $150,000 a few years prior before the crash and now it was on sale for $8,400 That was a total price I bought it for $8,000"
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The speaker recounts their initial investment experience as a realization of the power of financial education and putting money to work.
"I did not know you could do this before now I made a ton of mistakes I'm going to ignore them for this video because it's going to make this video very long but that was my first real exposure to actually seeing the power of financial education because now I was putting my money to work"
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The speaker promises to outline a six-step plan for becoming a millionaire.
"I'm going to break it down for you in six steps in this video so if you stick with me till the end you'll know exactly what you need to do"
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For individuals with a negative mindset about success and wealth, the speaker advises investing in personal and self-development.
"if you feel like you struggle with this if you feel like you have a negative association with money where you've ever said or you recently have said something along the lines of I can't become successful I won't become successful it's hard for people like me to become successful I don't know if I could do it this sucks like if you have that negative association with success and wealth and abundance what I want you to do is you need to start by investing in your personal development and your self-development"
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Recommends reading five highly-rated and popular personal development books to shift one's thinking.
"go read five of them find the five most popular ones that you can find that have a lot of ratings a lot of positive reviews just go out and read them"
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States that investing time and under $100 in five personal development books can fundamentally change one's thinking and operations.
"if you go out and invest that money it'll be less than a 100 bucks but if you invest that time into reading these five personal development books you are going to completely change the way that you think and that you operate"
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Advises saving the first $2,000 as a crucial step to exit a financial danger zone.
"you need to go out and save your first $2,000 if you do not have $2,000 saved up you are in a financial danger zone"
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Emphasizes paying off high-interest debts like payday loans and credit card debt before focusing on investments, as they are financially detrimental.
"you got to get out of the high interest debts the payday loans the credit card loans the credit card debt all these things have to be paid off before you start worrying about investing because these things are skinning you alive"
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Compares the high interest cost of credit card debt (15-25%) to potential stock market returns (5-10%), highlighting that paying off debt offers a guaranteed higher return.
"your credit card debt is costing you 15 to 25% a year in interest the stock market might get you a 5 to 10% return on your money a risky 5 to 10% return on your money is less than a guaranteed 25% return on your money"
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Suggests making significant sacrifices such as reducing dining out, selling belongings, or downsizing to build a financial foundation.
"things like no more eating out things like getting rid of that car things like downsizing the apartment things like selling some of your stuff things like not going on the vacation these are not fun decisions to make but right now you got to lay that Foundation"
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Identifies real estate, stocks, and businesses as the top three asset classes for wealth building over the past century.
"the three asset classes that have built more wealth than any other asset classes over the last century are real estate meaning rental properties stocks and businesses things like starting your own business"
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Recommends investing at least 15% of one's income into assets.
"you want to take a piece of your money I would say at least 15% of your income and start putting this money to work"
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Suggests that one can begin investing with less than $100, recommending a consistent start with $50 per month.
"you can get started with less than 100 bucks you just got to figure out what it is that you want to invest in and then set up a system if you can invest 50 bucks a month start with that just start with 50 bucks a month and stay consistent"
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Emphasizes that the most crucial step in investing is to begin, followed by consistent contributions.
"the key is you just got to get started that getting started is the biggest step and then just keep throwing money into it"
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Advises paying for items like cars and phones with cash rather than financing them, especially if they don't generate income.
"if you want to buy a car pay for it with cash want to buy a phone pay for it with cash not Finance it"
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Explains that 0% APR offers are profitable for companies because they incentivize customers to buy more items by reducing the immediate financial pain.
"0% APR is extremely profitable why because the first thing that happens is if they can get you to buy this phone at $50 a month 0% APR then they can also get you to buy the airpods they can get you to buy the other accessories to go along with it because you don't feel that same Financial pain"
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Recommends the 'rule of five' for non-essential purchases: if you cannot afford to buy five of an item, you cannot truly afford one.
"if you want to buy a $1,000 phone I like to follow the rule of five which says if you cannot buy five of them you can't afford one of them especially as for things that are not Necessities in your life"
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Notes that a significant portion of high-income earners live paycheck-to-paycheck, suggesting that earning more money is most impactful when coupled with proper money management.
"60% of Americans making six figures a year or more are living paycheck to paycheck it's crazy but this is where now earning more money has the most power when you know how to use your money in the last steps we talked about how to use your money"
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States that true wealth is built through assets, and how one manages earned income is more critical than the income amount itself.
"your wealth is built through your assets what's more important than how much you earn is what you do with what you earn"
Pending
Introduces the concept of a 'decade of sacrifice' for wealth building, acknowledging the difficulty for people who desire immediate gratification.
"I call it a decade of sacrifice and the reason why this is so hard for a lot of people is most people can't assume that I'm going to put in the work for a decade I want to have the money I want to have the fun I want to have the freedom today"
Pending
Highlights the litigious nature of the US and advises investing in attorneys to protect built wealth from potential lawsuits.
"America is the most litigious country in the world and when people realize that you have money they can try to take their hand put it in your pocket and take some of it for themselves this means you got to start investing in the right attorneys to protect you"
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Stresses the importance of hiring tax advisors for businesses and real estate investors to manage bookkeeping and tax strategies.
"you also want to start investing in things like potentially tax attorneys or Tax Advisor advisers you absolutely need to get a tax adviser if you have a business if you're investing in real estate you have to invest in a Tax Advisor"
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Defines a good tax advisor as one who manages bookkeeping, provides regular updates on tax liability, and offers strategic options for saving money.
"a good Tax Advisor is going to handle your bookkeeping and then meet with you regularly and tell you this is what your tax liability is and here are your tax strategy options that's where the money is"
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Recommends securing appropriate insurances (life, health, business) as a proactive measure to prevent future significant problems.
"then in addition to that you want to make sure that you have the right insurances in place maybe it's life insurance maybe it's health insurance maybe it's your other types of insurances in place business insurance because well insurance is a headache to pay but it's a small price to pay that can prevent a much bigger headache in the future"
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Guarantees a significant positive financial transformation within six months to two years by following the outlined wealth-building steps.
"if you start following these steps I guarantee that 6 months from now you're going to be living a completely different life and two years from now you're going to look back and see a completely different person financially because of the steps that you've been taking"
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States that mastering cash outflow is the first of three key areas for becoming a millionaire.
"there are only three things that you have to master number one is you have to understand and master the outflow of your cash number two is you have to master and control the"
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