How To Make $100,000 Per Year - STEP BY STEP
Published: 2024-03-17
Status:
Available
|
Analyzed
Published: 2024-03-17
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
To net $100,000 annually, one would need to earn approximately $140,000 before taxes, assuming they don't live in a high-tax state like California or New York.
"if you want to keep $100,000 you need to make $100 ,000 net after taxes so again assuming you don't live in California or New York one of those really high tax states you will need to make about $140,000 before taxes from your job in order to make $100,000"
Pending
To achieve a gross income of $100,000 per year, one needs to earn an average of $274 per day, working seven days a week.
"so if your goal for first is to make $100,000 this is $100,000 gross before taxes that means that you have to make $274 a day 7 days a week 365 days a year"
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If working 5 days a week and taking 3 weeks off annually, a daily income of $410 is required to reach $100,000 gross annually.
"if that's the case then you need to make $410 a day 5 days a week assuming you get three weeks off a year so you're not working Saturdays and Sundays and you get three weeks off a year then you have to make $410 per working day"
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To net $100,000 annually while working 7 days a week, an income of $383 per day is needed.
"then you need to make $383 a day"
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To net $100,000 annually while working 5 days a week with 3 weeks off, a daily income of $571 is required.
"and if we're talking about making money five days a week with three weeks off a year then you need to make $571 a day for each of those working days in order to keep $100,000"
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To net $100,000 annually, one must earn approximately $140,000 gross before taxes, assuming they do not live in high-tax states.
"if you want to keep $100,000 you need to make $100 ,000 net after taxes"
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To retain $100,000 after taxes, an individual needs to earn $140,000 before taxes from their job.
"if you want to keep $100,000 you need to make $100 ,000 net after taxes"
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To achieve $100,000 gross income annually, an average of $274 must be earned per day, 7 days a week.
"so if your goal for first is to make $100,000 this is $100,000 gross before taxes that means that you have to make $274 a day 7 days a week 365 days a year"
Pending
To earn $100,000 gross annually while working 5 days a week and taking 3 weeks off, one must earn $410 per working day.
"if that's the case then you need to make $410 a day 5 days a week assuming you get three weeks off a year"
Pending
To net $100,000 annually, one must earn $383 per day if working 7 days a week, or $571 per day if working 5 days a week with 3 weeks off.
"then you need to make $383 a day and if we're talking about making money five days a week with three weeks off a year then you need to make $571 a day"
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Approximately 1,700 individuals become millionaires daily, indicating significant wealth generation.
"there's a lot of money in the world like 1,700 people become millionaires every single day"
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Some individuals earn $100,000 per month, week, or even day, highlighting extreme income levels.
"there's also some people that make $100,000 a month and some people make $100,000 a week and some people make $100,000 a day"
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Earning significantly more money (e.g., $100k/month vs. $100k/year) is attributed to the value provided, not necessarily working harder.
"the person who's earning $100,000 a month isn't working 12 times harder than somebody making $100,000 a year it's just not possible what the difference is is the amount of value you provide"
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Skilled salespeople who build trust can achieve seven-figure incomes.
"I know quite a few seven figure sales people because they know how to sell they know what they're doing and they have built a lot of trust with their clients and so now they can make a great income"
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Transitioning from a paralegal role ($45k/year) to an attorney role through education and time investment can lead to an income of $140k/year.
"you might be making 4 $45,000 a year but if you invest in your education and you go becoming a attorney and you invest that time into learning well now as an attorney you can make $140,000 a year"
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Obtaining an online certificate in data science can enable individuals to earn a six-figure salary.
"you can go online and get a certificate in understanding data science and now you can make a six-figure salary because you have the certificate"
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A reasonable annual return for passive investments in stocks or real estate is considered to be around 7%.
"if we're talking a completely passive investment right now all you're doing is you are throwing own your money into an investment whether there's stocks or real estate then a good return based off of your money investment not your time just your money is something like a 7% annual return"
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To generate $100,000 annually from investments yielding a 7% return, approximately $1.4 million in capital is required.
"so if your goal is to make $100,000 a year based off of the 7% return then you have to invest $1.4 million"
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Holding investments for over a year can result in significantly lower tax rates on the profits earned.
"when you make money from your Investments and you hold your Investments for longer than a year then you get to pay much lower tax rates"
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Engaging actively in investments can yield better returns but necessitates the commitment of both capital and time.
"if you want to be more active with your Investments then you can get a better return but now this requires your money and your time"
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The speaker engaged in various side hustles including event planning, Amazon FBA, and real estate wholesaling.
"I used to work at weddings I used to have an event planning business I used to have an Amazon side hustle I used to do real estate wholesaling"
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Playing a specific drum at Indian weddings could generate $250-$300 for 30 minutes to an hour of performance.
"I was charging people like $250 $300 for 30 minutes to an hour is worth of me playing"
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Young TikTok creators (ages 19-28) can earn $20,000-$60,000 per month through their content.
"I met so many young ticktockers between the ages of 19 and 28 years old who were making tens of thousands of dollars a month so somewhere between 20,000 and 50 $60,000 a month through their Tik Tok page"
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The Minority Mindset YouTube channel was launched with less than $100 and grew to over a million subscribers.
"I started the minority mindset YouTube channel with less than $100 I started making videos off of my phone with a tripod that I bought off of Amazon for 20 bucks I bought a $25 light and that was it and now our YouTube channel has over a million subscribers"
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The cryptocurrency market has created numerous millionaires due to a significant redistribution of wealth.
"there are so many new found millionaires in the cryptocurrency market because cryptocurrency was one of the biggest redistributions of wealth ever"
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Selling a mug for $10 with $4 in expenses leaves a profit of $6 per mug.
"if each mug you sell for $10 now if you sell this mug for $10 you also have a cost... let's say after all of your expenses which cost you let's say $4 you are left with $6 of profit"
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To achieve a six-figure profit by selling mugs at $6 profit each, approximately 17,000 mugs need to be sold annually.
"if you want to hit that six figure salary you need to First multiply this out if you're making $6 a mug that means you have to sell about 177,000 mugs over the course of the year in order to hit that six figure profit"
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Selling roughly 46 mugs per day is necessary to achieve an annual profit of $100,000, assuming $6 profit per mug.
"in order to sell 70,000 mugs over a year that means you have to sell about 46 mugs a day"
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Investing the average monthly car payment ($777) into the stock market with a 7-10% annual return for 45 years could result in an investment account worth over $2.6 million, compared to buying a depreciating asset like a car.
"if instead of taking this new car payment and using it to buy a car that's losing value you took this $777 a month and you just put it into the stock market... historically we have seen a 7 to 10% growth in the stock market a year over the long term... you're going to have an investment account that's worth over $2.6 million"
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The speaker spent $3,500 on a class to learn about real estate wholesaling.
"I went out and I spent that $3,500 on the class on how to wholesale real estate"
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After a 5-month period of no returns, the speaker made $10,000 from their first real estate wholesaling sale.
"it wasn't until month 5 that I actually made any money from this program and in month five I made I think it was about $10,000 off of my first sale"
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New real estate investors typically pay around 10% of gross rental income for property management services.
"I went out and I hired a property manager now when you're just starting off in real estate you don't have a lot of negotiating power with the property manager so you're going to pay close to 10% of a gross rental income to your property manager"
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Wall Street institutions predict increased stock market volatility in 2024 due to economic uncertainties.
"all banking institution on Wall Street has talked about is that they are expecting more volatility in 2024"
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High-yield savings accounts can currently offer 4-5% annual interest.
"at the time I we recording this video that's something like four to 5% a year in interest on your savings"
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The Federal Reserve Bank anticipates an increase in unemployment in 2024.
"the FED Reserve Bank has come out publicly and they have said that they're expecting unemployment to rise in 20124"
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Inflation primarily benefits those who own assets.
"who does inflation benefit it benefits the asset owners"
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True wealth creation is achieved through asset ownership, not solely through salary earnings.
"true wealth is built through owning assets it's not through your salary"
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Significant wealth has historically been built by starting businesses, investing in rental real estate, and investing in stocks.
"the real wealth is built through building a business they built wealth because they invested in rental real estate they built wealth because they invested in stocks"
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Interest in political topics can be monetized by creating content such as newsletters, social media pages, podcasts, or apparel.
"if you are involved in or you're interested in and you like talking about and researching what's going on in the political side of things you can go out and create a political newsletter you can go out and create political social media Pages a podcast or even apparel"
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The Federal Reserve Bank has indicated plans to cut interest rates multiple times in 2024.
"our Central Bank in the United States the Federal Reserve Bank has come out and said that they are planning to cut interest rates a few times in 2024"
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To net $100,000 annually (outside of high-tax states), one would need to earn approximately $140,000 pre-tax. Earning $100,000 pre-tax would result in approximately $70,000 net.
"If you want to keep $100,000 you need to make $100,000 net after taxes so again assuming you don't live in California or New York one of those really high tax states you will need to make about $140,000 before taxes from your job in order to make $100,000 wait this one right here $100,000 net so if you want to keep $100,000 you need to make $140,000 before taxes from your job and if you just want to make $100,000 then you could expect to make $70,000 after taxes"
Pending
To earn $100,000 gross annually, one must average $274 per day (7 days/week). If working 5 days/week with 3 weeks off, the daily earning target increases to $410 per working day.
"so if your goal for first is to make $100,000 this is $100,000 gross before taxes that means that you have to make $274 a day 7 days a week 365 days a year so you have to make $274 including weekends including holidays every single day on average in order to make $100,000 for some of you you might be like okay well how does that break down if I'm working 5 days a week and I take off 3 weeks a year for holidays if that's the case then you need to make $410 a day 5 days a week assuming you get three weeks off a year so you're not working Saturdays and Sundays and you get three weeks off a year then you have to make $410 per working day and if you do that you will make $100,000 in a year gross before paying any taxes so you will make $100,000"
Pending
To net $100,000 annually, one must earn $383 per day if working 7 days a week, or $571 per working day if working 5 days a week with 3 weeks off.
"so if your goal is to keep $100,000 and the numbers are a little bit different if you're talking about making money seven days a week then you need to make $383 a day and if we're talking about making money five days a week with three weeks off a year then you need to make $571 a day for each of those working days in order to keep $100,000"
Pending
Approximately 1,700 individuals become millionaires daily, indicating that a significant number of people are accumulating wealth by understanding financial principles.
"like 1,700 people become millionaires every single day that means there's a lot of people that are earning more wealth every single day because they understand how money works"
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The significant income difference between a McDonald's cashier and LeBron James is attributed to the value provided, not solely the effort expended. The cashier role is easily replaceable, whereas LeBron James possesses unique, high-value skills, justifying his higher earnings.
"the reason why a cashier at McDonald's makes minimum wage while LeBron James earns millions and millions and millions of dollars a year it's not because of how hard they work I mean they both work hard the cashier has has to work hard have You ever worked a minimum wage job before it is very hard the difference is how much value you provide there are 7 and a half billion people in the world that can take over the cashier position that's why you were easily disposable versus LeBron James there's very few people like LeBron James and because of that he can make a whole lot more money"
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Mastering sales, combined with a good product and consistent practice, can lead to a six-figure salary, with potential for seven-figure earnings for highly skilled and trusted sales professionals.
"working in sales because in sales it's really effort in money out if you can Master the sales process and you have a good product and you practice your craft you can get to that six fig salary as a salesperson I know quite a few seven figure sales people because they know how to sell they know what they're doing and they have built a lot of trust with their clients and so now they can make a great income because they know how to sell and they have built that growth through their efforts"
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Investing in education and professional development, such as becoming an attorney after working as a paralegal, can significantly increase earning potential, from $45,000 to $140,000 annually.
"if you are a pargal so paralegals are people that work with attorneys you might be making 4 $45,000 a year but if you invest in your education and you go becoming a attorney and you invest that time into learning well now as an attorney you can make $140,000 a year just because you invested in your profession you invested in your education with money and time and if you do that now you can increase your salary"
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A standard college degree is now considered baseline; to earn a higher salary and stand out, individuals should pursue professional or advanced degrees (e.g., law, MBA, medical) which typically command higher earning potential.
"nowadays having a college degree is almost like Baseline that is like standard so if you want to stick out you need more of a professional degree or a higher level degree which costs more money it takes more time but this is the reality of the society that we're in if you want to work a job and you want to earn a higher salary you need to be able to separate yourself from the rest of the crowd one way to do this is to get a higher degree maybe a law degree or an MBA or a medical degree whatever it is something that can help you define a higher salary"
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Obtaining certifications or continuing education outside traditional degree programs, such as a data science certificate, can lead to six-figure salaries without the extensive time and financial commitment of advanced degrees.
"another way to do this is to invest in your profession through something outside of the traditional education system maybe that means getting certified or getting some other continuing education something that you can show people where you have more value that you can provide now because you have the certain education that a lot of other people don't the second option works great for a lot of people because you don't need to invest as much money as you would if you wanted to get an MBA or a JD and you don't have to invest that much time you can do this on the side for example you can go online and get a certificate in understanding data science and now you can make a six-figure salary because you have the certificate and you didn't have to go back to school in order to do that and you didn't have to pay a school's tuition"
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Employers are willing to pay more for individuals who demonstrate proficiency in specific, valuable tasks, thereby increasing their value to the company.
"what an employer looks for and I'll tell you from personal experience is people that are good at doing specific tasks if you can show your boss or an employer that you are very valuable because you're very good at doing something you're going to be able to make a whole lot more money"
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A reasonable average annual return for passive investments (stocks, real estate) is 7%, meaning $7 profit on a $100 investment per year, averaged over the long term.
"if we're talking a completely passive investment right now all you're doing is you are throwing own your money into an investment whether there's stocks or real estate then a good return based off of your money investment not your time just your money is something like a 7% annual return so if you invest $100 expect to make $7 back a year this doesn't mean that you have to make 7% every single year on your money this means on average over the long term you are making 7% some years are going to be more some years are less but on average it's 7%"
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To generate $100,000 annually from investments with a 7% average return, one needs to have $1.4 million invested.
"so if your goal is to make $100,000 a year based off of the 7% return then you have to invest $1.4 million"
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Holding investments for over a year allows for significantly lower tax rates on profits, as the government offers tax breaks on money that has already been taxed from employment income.
"when you invest your money the government gives you a tax break because they say okay this money that you earned from your job you already paid taxes on this money so now when you invest this money that you earn you should be able to get a tax break when this money makes you money the only caveat here is you have to hold your investment for longer than a year but if you make money from your Investments and you hold your Investments for longer than a year then you get to pay much lower tax rates"
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A side hustle involves utilizing one's skills and passions outside of a primary job to supplement income, creating value that can be monetized.
"the side hustle is something that you're doing outside of your job that you're doing on your free time and on weekends to help you supplement your income by doing something that you're good at so you like this thing you are good at something and you create value out of it and now your goal is to make money through this value that you have created"
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A niche skill, such as playing a specific instrument for events, can command high fees ($250-$300 for 30-60 minutes) based on years of experience and expertise, rather than just the time spent performing.
"what I did was play a drum called the toll at Indian weddings so kind of Niche because not a lot of people knew how to play their toll around me and a lot of Indian weddings had the need for a toll player like me and so when I got good at it I was charging people like $250 $300 for 30 minutes to an hour is worth of me playing so I was making pretty good money especially as a 20-year-old college kid playing the toll but what you weren't paying me for was my time you were not paying me for 30 minutes of work or an hours worth of work you were paying me for my years of experience and for my knowledge on how to do it took me a long time to learn how to play it and I had this value which is why I could charge a lot of money for a very short amount of time"
Pending
Freelance platforms like Fiverr and Upwork allow individuals to market their skills (writing, graphic design, coding) and set their own prices, enabling them to establish a side hustle remotely.
"you can go to a freelance platform like Fiverr or upwork or one of these places and you can Market your services now people and businesses that need your help can hire you and you can do the work on your own time you can set your prices and now you've just created a new side hustle without leaving your house"
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Young TikTok creators (ages 19-28) can earn tens of thousands of dollars monthly ($20k-$60k), with some achieving this within a year by understanding trends and creating viral content.
"I was at a financial conference in Austin not too long ago and when I was there I met so many young ticktockers between the ages of 19 and 28 years old who were making tens of thousands of dollars a month so somewhere between 20,000 and 50 $60,000 a month through their Tik Tok page and some of them hadn't even been on Tik Tok for a year"
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A YouTube channel can be started with minimal investment (under $100, including basic equipment) and can grow to over a million subscribers, evolving into a full-fledged financial education and media company.
"I started the minority mindset YouTube channel with less than $100 I started making videos off of my phone with a tripod that I bought off of Amazon for 20 bucks I bought a $25 light and that was it and now our YouTube channel has over a million subscribers and we have transformed our YouTube channel into a full Financial education and Media company"
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The cryptocurrency market has been a significant engine for wealth redistribution, creating numerous millionaires as individuals sought alternatives to traditional financial institutions and invested in digital assets.
"you saw a similar boom in the cryptocurrency market there are so many new found millionaires in the cryptocurrency market because cryptocurrency was one of the biggest redistributions of wealth ever because you had so many people that got onto it who were losing trust with the FED res their bank and the government so they started buying cryptocurrency and then more and more people started to adopt cryptocurrency and then they were able to ride up the wave and build a lot of wealth because of it"
Pending
The internet has democratized product creation and marketing, allowing individuals to sell products globally via e-commerce stores or platforms like Amazon without needing traditional retail distribution, provided they understand marketing principles.
"Nowadays it's much more accessible because you can Market your own product on your own e-commerce store you can sell it on Amazon and so you have the accessibility of showing your product to the world does that mean it's easy no it is very hard because now it's accessible to everybody but it is accessible and if you're willing to put in the work now you can create your own product and then you can Market it on the internet and you don't even have to worry about trying to get it into stores you can start selling immediately you just have to understand marketing"
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Marketing is the most critical skill for online income generation, as its core function is attracting attention (eyeballs) to a brand or product, with no upper limit on earning potential for skilled marketers.
"the number one skill you need in order to make money on the internet is marketing because all marketing is is getting eyeballs on your brand or your product so if you know how to get eyeballs on your brand or product you will be able to make money on the internet and if you can be very good at it there's no limit to how much money you can make"
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Tax avoidance, which involves legally utilizing IRS rules to reduce tax liability, is distinct from tax evasion, which is illegal and carries penalties.
"there's a difference between tax avoiding and tax evading tax tax avoiding is when you're using the IRS tax rule book to do things legally that allow you to pay less money in taxes tax evading is illegal and you'll go to jail"
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The IRS taxes 'taxable income,' not total earned income. This taxable income is derived after accounting for all eligible write-offs and deductions.
"the first thing that you have to understand is that the IRS doesn't tax you on how much money you earn they tax you on your taxable income these are two completely different things because now you take the money that you earn and then you're going to show all the write offs and deductions as possible and then that is going to leave you with your taxable income"
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Business owners and 1099 workers can deduct 'ordinary and necessary' expenses (e.g., cell phone, laptop, car, business travel) that are essential for running their business, thereby reducing their taxable income.
"now you're going to make money whether it's from your business or your .99 income and then you get to spend this money because now you can have qualified business expenses these are called Ordinary and necessary expenses where now you could tell the IRS hey I need a cell phone to run my business I need a laptop to run my business I need a car for my business I need to go to California to meet with some people for my business now you get to spend money here and then you pay taxes on whatever is left"
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Ordinary income (from jobs) is taxed at the highest rates with the fewest deductions, while portfolio income (from long-term investments) has lower tax rates, and passive income (from businesses) offers more deductions.
"you have ordinary income this is the money you make from your job your W2 income you have your portfolio income this is essentially your investment income if you buy a stock and sell it for a profit two years later that's considered portfolio income and then you have passive income this is the income you make from a business that you passively own this could be something like real estate rental income do you want to know which taxable income has the highest tax rate and the lowest amount of tax deductions that you can take take a guess well this one right here the money make from your job you're going to pay the highest tax rates here and you get the lowest deductions"
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A $3,500 educational investment, despite yielding no immediate returns for four months, eventually generated $10,000 in profit in the fifth month, demonstrating that the value received (knowledge and subsequent profit) exceeded the initial cost.
"well I spent that money on the class and I knew that I wanted to do something with it and I went through it and well after month one I didn't make my money back I made no money after month two I didn't make any money back I actually still hadn't made any money month three that was when I also didn't make any money but then in month four I also made $0 from that class it wasn't until month 5 that I actually made any money from this program and in month five I made I think it was about $10,000 off of my first sale which more than paid for the $3,500 that I had to spend now it took a lot of work and an effort on my part but I had to spend money in order to get it the value to me was way more than the cost that I had to pay"
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Building wealth through investing is a long-term process, requiring consistency and a marathon mindset rather than aiming for overnight success or short-term gains.
"if you really want to build wealth it's not going to happen overnight it's not going to happen in six months it's not even going to happen in six years it is a long-term game and this is where you got to just stay consistent and this is one of those things where Building Wealth is a marathon is not a Sprint"
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Market downturns and crashes should be viewed as opportunities to invest more aggressively, accumulating assets that generate passive income streams, thereby reducing reliance on active employment for income.
"when we see economic downturns if we see a market crash use as an opportunity to invest even more but you want to keep deploying your money that way you can keep accumulating more and more assets that can keep pay paying you with an additional stream of income without you having to go to work to get paid"
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True wealth is accumulated by owning assets that generate income, rather than solely relying on a salary from employment. A salary-based income ceases when work stops, whereas asset ownership provides continuous income streams, which are crucial for building wealth.
"true wealth is built through owning assets it's not through your salary and it doesn't matter how much money you're making doesn't matter if you're a doctor doesn't matter if you're NBA player you can make millions of dollars a year from your salary but as soon as you stop working that income stops coming in then what maybe you have a big savings account if you were smart enough to to save but that savings is going to drop every time you spend a dollar and now what see that's where you have to have a second stream of income and that second stream of income can't be from you going to work to get paid if you want to become wealthy"
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The economy's rapid shift towards the digital world, accelerated by the pandemic, presents opportunities for individuals to earn more money, particularly online, to keep pace with rising inflation and living standards.
"the economy is Shifting and the pandemic helped us shift into this digital world even faster than ever and so what you need to do is need to understand this and you want to be able to capitalize on this shift that way you can get a piece of The Upside because it is more important than ever due to the higher inflation and the higher standard of living and you don't want to be one of the people that's not going into debt to afford these nice things you want to be able to afford these things which means you're going to need to earn more money and one of the most accessible ways to do that is by understanding how to earn some more money on the internet"
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Increasing polarization and emotional engagement around political and geopolitical events create monetization opportunities. People's emotional investment often leads to increased spending, making it possible to build audiences and brands around trending topics in politics and geopolitics.
"election years have become more and more polarizing you've seen people say if you don't agree with me just delete me off your Facebook over your Instagram or whatever this has become the norm and so naturally when people are more emotional about something they're more likely to change the way they spend on that same thing as well because when people are emotional well they're also likely to open up their wallets now where are people emotional people are emotional when it comes to politics people are emotional when it comes to geopolitics and there's a lot of changes happening in the world not just with our own elections you're seeing the war happening in the Middle East you're seeing things happen out in Ukraine and Russia so with all these things happen they create opportunities because people want to number one be in the no even if they don't really know what they're talking about people want to feel like they're in the no and people want to be a part of something so this creates opportunity for you"
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High-interest savings accounts, particularly at FDIC-insured online or legitimate banks, offer accessible returns of 4-5% annually on savings, providing a better interest rate than traditional brick-and-mortar banks.
"the most accessible place would be something like a high interest savings account which is why if you don't have one yet please consider getting one a highin savings account especially at something like a online bank or legitimate Banks they are FDIC insured and they are a place where you can keep your money and earn some more interest at the time I we recording this video that's something like four to 5% a year in interest on your savings"
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Anticipated volatility in financial markets during 2024, stemming from uncertainty around interest rates and inflation, is expected to create investment opportunities for prepared and financially educated individuals.
"every banking institution on Wall Street has talked about is that they are expecting more volatility in 2024 why because there's uncertainty as to what's going to happen with interest rates there's uncertainty as to what's going to happen with inflation we've been seeing inflation fall for the last few months however if inflation makes a U-turn then you could see a change in what the Federal Reserve Bank says you could see a change in what the market predicts and all these things can create more volatility but they create opportunities"
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By 2024, the balance of power in the job market is predicted to shift towards employers, who will prioritize top talent. Individuals who are diligent and high-performing will have better job prospects, income, and compensation.
"but in 2024 expect more power to go into the hand of the employer which means employers are going to want better talent and if you can be one of that better Talent you're going to be able to drive better jobs better income and a better compensation for you which means if you're the go-getter that's more money that can go into your pocket and more opportunities for you as opposed to the people who are not"
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Inflation disproportionately benefits asset owners (investors in grocery stores, rental properties, travel companies) who are financially educated, as asset prices tend to rise. Conversely, those holding only cash, savings, or relying on salaries see the value of their holdings diminish.
"inflation benefits the asset owners if you are an investor in the grocery store you're making money if you're an investor into rental properties you're making money if an investor into travel companies you are making money so who are the people that are investing into these things is the financially educated and that's why when you see inflation happen you see more asset prices rise or money goes into the hands of the financially educated while everybody else who doesn't own as many assets who just owns cash and savings and your salary well all these things lose value"
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True wealth is built by acquiring assets, not solely through salary increases. While raises can be used to improve lifestyle, they are more effectively utilized to purchase additional assets, which is the foundation of long-term wealth creation.
"wealth is built through owning assets not just through your salary but the thing you want to understand here is when is a raise beneficial see most people use a raise to upgrade the lifestyle they use AR Rays to inflate the lifestyle they use a Rays to buy nicer things but you want to use your rays to buy more assets because that's where the real wealth is built"
Pending
Building wealth through asset ownership is a time-intensive process, potentially requiring a decade of consistent accumulation. This long-term commitment leads to new income streams generated by one's capital, rather than direct labor.
"wealth through owning assets takes time unless somebody just hands you a million dollars most of us don't have that which means now you're going to have to slowly work to buy assets which means it might take you a decade of slowly accumulating to buy assets to see some significant increase in your wealth to have an increase and a new stream of income from your Investments most people don't have the patience or theal diligence or the dedication to do that but if you do that I call it a decade of sacrifice you're going to have the ability to have a whole new stream of income to have a whole new stream of wealth built through money that you're not working hard to earn through money that your money is working to earn and that's where the wealth is built"
Pending
Economic downturns and market crashes should be leveraged as opportunities to invest more aggressively, rather than waiting for perceived 'perfect' timing, which can lead to missed growth potential during good times.
"and just use downturns as an opportunity to invest even more aggressively instead of just waiting for the perfect time to invest because then you miss out on all the growth when times are good so if we see economic downturns if we see a market crash use as an opportunity to invest even more"
Pending