Do These 3 Things (IN THIS ORDER) To Break Out Of The Rat Race
Published: 2024-03-05
Status:
Available
|
Analyzed
Published: 2024-03-05
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Traditional retirement via Social Security and savings is no longer a viable option.
"the days of you being able to just go to work and save some money and then retiring with your Social Security are long gone"
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Financial education resources are more abundant now than ever before.
"there is more financial education available today than any other time"
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Wealth accumulation is a step-by-step process, similar to climbing a mountain.
"Building Wealth is like climbing a mountain and the way that you climb a mountain is by climbing one small step at a time"
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Before investing in stocks or real estate, individuals must prioritize paying off high-interest debts like credit cards.
"you have to pay off your high interest debts like your credit card debt until you do these four things you should not be worried about investing your money in the stock market you should not be worried about investing your money into real estate you should not be worried about buying a home"
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During the initial phase of wealth building, non-essential subscriptions like Netflix should be forgone.
"if you are in phase one of your wealth building process you can't afford a subscription to Netflix"
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Time spent on leisure activities like Netflix should be reallocated to learning about personal finance if one is in financial distress.
"your Netflix subscription is costing you 2 hours of your time every single day and if you have credit card debt if you don't have $2,000 saved up if you don't understand how money works if you don't have any sort of wealth mindset well now what you need to be doing is taking that time that you're spending on Netflix and using that time to learn about money"
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A wealthy mindset involves believing in one's ability to become wealthy, recognizing money's abundance, and viewing it as a tool.
"you believe that you can become wealthy number two it means you understand that money is abundant and number three you understand that money is a tool"
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The capitalist system is designed such that consumer spending directly benefits businesses and investors.
"our system runs on spending see we live in what's called a capitalist system and a capitalist system means that somebody spends money and somebody else makes money"
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The economic system is structured to create inflation, leading to increased costs for all consumers.
"our economic system is designed to build inflation... that means the consumers people rich people middle- Class People poor people have to pay more money"
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The tax code is structured to benefit those with financial knowledge, offering investors and business owners preferential tax rates and deductions compared to W2 employees.
"the tax code is designed to benefit the financially educated... when you are an investor you qualify for potentially lower tax rates and higher tax deductions than people who just earn their money from their job as a W2 employee"
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It is critical to save $2,000 and eliminate credit card debt as soon as possible, as this is a fundamental step in wealth building.
"you got to save your first $2,000 and get out of credit card debt and you have to you have to you have to get serious about doing this ASAP"
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Systematizing finances is the primary step in achieving wealth during phase two.
"in phase two of you becoming wealthy the first thing you need to do is you got to systemize your finances"
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The 75/15/10 plan suggests allocating a maximum of 75% to spending, a minimum of 15% to investing, and a minimum of 10% to savings from all earned income.
"a 75 1510 plan which says that from here on out. 75 cents out of every dollar that you earn is the maximum that you can spend 15 cents out of every dollar that you earn is the minimum that you're investing and 10 cents out of every dollar that you earn is the minimum that you're saving"
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Increasing the amount invested directly correlates with increased potential for wealth accumulation.
"the more money you invest the wealthier you'll become if you could put more money into Investments good the more money you put into Investments the wealthier you have the ability to become"
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A balanced approach to debt reduction and investing suggests allocating 50% of available funds to paying down low-interest debts (like student loans and car payments) and the other 50% to stock market investments.
"at the very least is starting 50/50 take half of this money put it into paying down this lower interest rate debts things like your student loans and your car payment and I take the other half and put that money to things like the stock market"
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Future vehicle purchases should be made with cash rather than financing.
"from now on no more going out and financing cars that means paying for your car with cash"
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Avoid financing non-essential purchases, including those made at retailers like Macy's using credit cards.
"no more going out and financing liabilities no more going into Macy's and financing your purchase on your credit card"
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The speaker prioritizes investments, particularly in real estate and stocks, with the primary goal of generating cash flow.
"the bulk of my investments so when we look at my real estate Investments and my stock market Investments most of my investments not all but most of my investments are for cash flow purposes"
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Financial freedom is achieved when investment cash flow covers all expenses and lifestyle costs, which is further supported by increasing income.
"until the cash flow from your Investments the money you're making from Investments can pay for your expenses can pay for your lifestyle and while you're doing this you're also working to increase your income"
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Due to the litigious nature of the legal system, it is crucial to implement asset protection measures to safeguard wealth from potential lawsuits.
"our legal system allows people to sue anybody for anything and this is where you want to have the right protection in place because when people realize that you have money they're going to want to take their hands put it in your pockets and take some of it for themselves"
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Seeking advice from financial and legal professionals is essential for implementing legal shields and minimizing tax liabilities.
"you want to make sure you have the right legal shields in place and so this is all about having the right advisors and the right protection around you because if you don't well then you become a target for people who want to access your money"
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