10 Mindset Shifts That Will Make You A Millionaire
Published: 2024-01-06
Status:
Available
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Analyzed
Published: 2024-01-06
Status:
Available
|
Analyzed
Predictions from this Video
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Prediction
Topic
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Financial education is crucial for building wealth, separate from formal academic credentials.
"if you really want to become financially Rich that means you got to stop with the status you got to stop worrying about the credentials you got to stop worrying about all this this fluffy stuff and you got to start worrying about the numbers the math the finances and that's where the real wealth is built and that means even though you have all the education all the formal education maybe you got to start over with the financial education"
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European entrepreneurs aiming for significant success often target the US market for customers, sponsors, or listeners.
"the common thing that I saw in these European countries is that pretty much everybody trying to act actually do big things over there wants to either a move to the United States or B earn their money from the United States if they don't want to move to the United States they want their customers to be from the United States they want their sponsors to be from the United States they want their listeners to be from the United States"
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Some immigrants are entering European countries with a strong work ethic and ambition, but face a scarcity of available work.
"you had a lot of immigrants trying to go into these European countries who going with this mindset of I'm going to do whatever it takes I'm going to work hard to become successful I'll put in whatever hours I need to do but there's just no work available"
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Sustainable wealth building relies on long-term investing strategies.
"it's investing your money over the long term"
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The primary purpose of a business leader is to grow profits, which can then support employee and customer satisfaction.
"is your purpose to make your employees happy is your purpose to make your customers happy or is your purpose now to grow the profits"
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Adopting specific mindset shifts within the next 12 months will lead to significant improvements in lifestyle, income generation, and overall wealth acquisition.
"if you make these mindset shifts in the next 12 months you're going to see a completely different way of living life you're going to see a completely different way of earning money you're going to see a completely different way of becoming wealthy just because of the way you think"
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CEOs have a legal fiduciary duty to prioritize and increase shareholder value.
"the leaders of a company have a fiduciary duty it's a legal term which means their duty is to increase the shareholder value"
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True wealth is derived from financial education, not solely from academic credentials.
"your wealth comes from your financial education"
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Warren Buffett attributes his success, in part, to his ability to decline the vast majority of opportunities presented to him.
"Warren Buffett talks about this a lot this concept of saying no that's what made him so successful is he had the ability to say no to 95 98 99% of things"
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Starting a business with a mindset of avoiding hard work will likely lead to a lack of passion and determination, mirroring the feelings from a disliked job.
"if you want to start a business because you hate this job life you hate this stuff well what passion and determination are you going to have there because now you're going to say the same thing I shouldn't have to work this hard"
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Time is a finite and irreplaceable asset.
"your time is the only asset that you cannot create more of"
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Individuals who demonstrate a strong work ethic and commitment to succeeding in their roles are more likely to receive pay raises and better job offers.
"who do you think is going to get the next pay raise who do you think is going to get the better job offer next"
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When making financial decisions, prioritize the value received over the price paid.
"as opposed to thinking about how much money that's going to go out of your pocket think about how much value you're getting and I deal with this in many different examples"
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The level of hustle and effort put into one's work will significantly influence their future prospects over the next 5 to 10 years.
"the hustle is going to dictate how you see the next 5 years and the next 10 years"
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Individuals have complete control over their own finances and their journey to wealth, not external entities.
"you were in control of your finances you were in control of your destiny you were in control of becoming wealthy it's not your boss it's not the government it's not the bank it's not your credit card company it's you"
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A commitment to excelling and being the best will lead to a substantially different outcome and success trajectory over a 5 to 10 year period compared to those who do not have this ambition.
"compare each other after 5 years after 10 years it'll be be a completely different game because you wanted to come in and be the best and somebody else didn't"
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The core formula for wealth creation involves spending less than you earn and investing the surplus diligently.
"you got to spend less you got to earn more then you got to invest the difference invest like crazy"
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Entrepreneurs and ambitious individuals in European countries often aim to either relocate to or generate revenue from the United States, indicating a perceived economic advantage or opportunity there.
"the common thing that I saw in these European countries is that pretty much everybody trying to act actually do big things over there wants to either a move to the United States or B earn their money from the United States"
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Despite having a strong work ethic and determination, some immigrants in European countries face challenges due to a lack of available work opportunities.
"you had a lot of immigrants trying to go into these European countries who going with this mindset of I'm going to do whatever it takes I'm going to work hard to become successful I'll put in whatever hours I need to do but there's just no work available"
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For individuals who did not inherit wealth, hard work is a necessary component for achieving financial success.
"you cannot bypass the work especially if you did not grow up with a silver spoon in your mouth"
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Individuals without a background in entrepreneurship or financial education can still compete and succeed in starting a business by dedicating themselves to hard work.
"if you didn't grow up with entrepreneur parents if you don't grow up with a financial education if you don't grow up learning how to start a business and you want to go out and do it well guess what the way that you can compete is by putting in the work"
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To increase the likelihood of success, one should prioritize putting in more work, as this is a controllable factor in a competitive environment where outcomes are not guaranteed.
"somebody's going to succeed somebody's going to fail and if you want to be the person that succeeds one thing that you can do to help you succeed is put in more work"
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Achieving success and building assets or a business can lead to a position where one has more control over their work hours and can potentially reduce their workload.
"once you start seeing more success then you get to control maybe you want to pull back on your hours maybe you don't want to work as much because youve built some assets because youve built your business because you built your wealth to a certain level"
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Significant opportunities can emerge from experiences of failure.
"some of the biggest and best opportunities that I've seen have come out of failing"
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Experiencing failure in a specific endeavor does not define an individual as a failure.
"failing at something does not make you a failure"
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True wealth building through investing requires delayed gratification, understanding that returns are a long-term outcome and not immediate.
"delayed gratification when it comes to your money is I want to put my money into an investment and understand that this is not going to make me Rich today it's not going to make me Rich tomorrow it's not going to make me Rich next month it's not going to make me Rich next year but this will eventually make me Rich because investing is a long-term game"
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Long-term investing is the practical application of delayed gratification for building sustainable wealth.
"investing your money over the long term that's what delayed gratification is"
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Achieving significant financial success in business requires years of dedicated work, effort, time, and continuous learning.
"in order to get to that success whether it's $100,000 a year a million a year $10 million a year you got to put in the years of work it's going to take effort it's going to take time it's going to take learning"
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CEOs and company leaders have a legal obligation to prioritize increasing shareholder value.
"the leaders of a company have a fiduciary duty it's a legal term which means their duty is to increase the shareholder value"
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In a business context, employees who do not meet performance expectations may need to be dismissed.
"if people aren't performing you might have to let them go"
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During growth phases, companies may face challenges if new hires cannot match the desired pace and speed of operations.
"as we were growing we started to just bring on more people but the problem was we were bringing on people that weren't necessarily keeping up with the speed at which we wanted to go"
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To achieve financial goals, it may be necessary to distance oneself from individuals who encourage excessive spending or create a negative environment that hinders progress.
"you might have to get rid of some of the Dead weight that means you might have to get rid of some people around you and again this can be difficult because they might be okay people they might be fun to be around but if they are forcing seeing you to spend money if they keep encouraging you to do things that you don't want to do they keep putting you into this toxic or negative environment that's keeping you away from your goal you might have to get away from that"
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Warren Buffett attributes a significant portion of his success to his ability to decline most opportunities and requests.
"Warren Buffett talks about this a lot this concept of saying no that's what made him so successful is he had the ability to say no to 95 98 99% of things"
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Canceling subscriptions like Netflix can be a high-ROI decision for individuals struggling financially, not due to monetary savings, but because of the significant time reclaimed daily.
"one of the best rois return on investments that you can make especially if you're broke is to cancel your Netflix subscription and it isn't because you're going to save 15 bucks a month it's because you're going to save two to three hours of your time every single day"
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The key differentiator between successful and unsuccessful individuals lies in how they utilize their 24-hour daily allocation, especially when contrasted with the average American's 3 hours of daily television consumption.
"the average American is watching almost 3 hours of Television a day if we think about this every single human on this Earth gets 24 hours a day and the difference between somebody who becomes successful and somebody who doesn't become successful is what you do with those 24 hours"
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Achieving financial goals like becoming a millionaire or financially free is attainable, but it requires consuming different types of content and prioritizing the value of one's time.
"if your goal is to become a millionaire if your goal is to become financially free if your goal is to become wealthy so you never have to worry about money again that's possible but that means you got to start consuming different content you got to start valuing your time"
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Time is a unique and finite asset that cannot be replenished or created, making its management crucial.
"your time is the only asset that you cannot create more of"
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Individuals facing financial hardship should prioritize getting serious about their money and making significant changes rather than engaging in passive entertainment like watching Netflix.
"if you are struggling with money you don't know how you're going to pay your bills if you don't have any Investments if you don't know how to invest your money this is not the time for you to be watching Netflix this is the time for you to get serious about your money and start making some serious changes"
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Spending money on services to save time is a worthwhile investment, allowing for more focus on activities that generate income or provide earned freedom.
"you're going to pay a premium to do that you're going to pay your dollars so you have your time back so you can focus your time on doing things either they're going to make you more money or that will allow you to give yourself that freedom because you've actually earned that"
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An exchange where the perceived value received ($200) significantly exceeds the cost ($100) is considered a favorable transaction.
"if I'm giving you $100 but I'm getting $200 worth of value not a bad deal"
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A shift in understanding is required to recognize the value of investing in oneself and in opportunities that have the potential for greater financial returns.
"until I finally understood that it was very difficult for me to actually go and invest money into me into things that can make me more money"
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The belief that there is sufficient wealth in the world for multiple individuals to achieve financial abundance is promoted.
"there's a lot of money in the world and we can both be financially abundant because there's a lot of money out there"
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Individuals have ultimate control over their financial situation, destiny, and ability to become wealthy, rather than external entities.
"you are in control of your finances you were in control of your destiny you were in control of becoming wealthy it's not your boss it's not the government it's not the bank it's not your credit card company it's you"
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Increasing one's income is a personal choice that can be pursued through learning to start a business or acquiring a new career.
"if you want to make more money it's your choice because now you can start learning about how you start a business you can start learning about how you get a different career"
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The core principles of wealth building involve spending less than one earns and aggressively investing the surplus.
"spend less you got to earn more then you got to invest the difference invest like crazy"
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