My 10 Step Checklist To Become A Millionaire

"in today's economic system we have this thing called inflation and inflation isn't something new inflation has been around for decades but hurts consumers because now when you want to go out and buy something it costs you more dollars right you want to go to Chipotle it's going to cost you more money today than it did 5 years ago because extra guac is more expensive that bull is more expensive that is inflation at work so now in this economic system we have inflation we know that inflation has happened and it will continue to happen in the future now you might say just but how do you know that inflation is going to still exist in the future well even if you go to the Federal Reserve Bank they have a page saying that they aim for 2% infl ation the Federal Reserve Bank wants inflation the government wants inflation and the reason why they want inflation is because it helps keep spurring your economic system"

"work to pay down my high interest debts like my credit card debts and the reason why I want to do this before I think about investing my money before I think about putting my money in the stock market or doing any of that other stuff is because I know that these credit card companies if I have credit card debt is costing me 15 20 25 28% a year and interest versus the historical stock market return over the last century is something like 10% a year so now if I can work to pay down my credit card debt one year faster I'm going to get a better return than investing my money in the stock market not to mention I'm going to get a guaranteed return by paying down my credit card debt versus by investing my money in the stock market I'm hoping to get a good return and this is where it is so important for you to get very aggressive here to pay down this credit card debt because this is what holds so many people back for ever becoming wealthy because when you're constantly in credit card debt you can't think about building your wealth upwards all you're trying to do is get to zero and that's why during these two steps of this checklist you have to be extremely aggressive"

"if my mortgage is sub 5% it's going to be a different answer that my mortgage is above 5% because if it's sub 5% well now I have a better like Ood of investing that money in the stock market or something and beating that return and even if I didn't put that money in the stock market well I could put this cash into a high interest savings account and I can generate 4 and a half to 5% a year in interest from a high interest savings account and use that money to pay this down if I have a 3 and half% mortgage so that's the first question that I would ask second question that I would ask myself is what is my risk tolerance am I somebody who wants to just live financially free and just be comfortable or am I somebody that wants to live a little bit bigger now for me I have a little bit of a higher risk tolerance I don't have the highest risk tolerance but I have a little bit of a higher risk tolerance and I have bigger financial goals so for me because I have the higher financial goals I know that I don't just want to be comfortable I want to have the ability to build more extreme levels of wealth I'm going to have to take different types of risks and have to do different things to my money which is why for me especially if my mortgage is under 5% I'm going to be more aggressive with my investments and as opposed to just paying down my mortgage now if my mortgage is 6 7 8% now it's a little bit of a different question because now maybe I'm going to pay down my mortgage a little bit more aggressively while also investing my money I want to be investing my money whether it's in my own business whether it's in stocks whether it's in real estate I want to be investing my money but this is where now understanding well kind of where the mortgage is is going to change how I play this game if I have a 2 and a half or 3 and a half% mortgage I'm going to continue paying the mortgage and I'm going to be investing my money other places as fast as possible"