How To Get Ahead Of 98% of Americans (Financially)
Published: 2024-04-19
Status:
Available
|
Analyzed
Published: 2024-04-19
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Following three specific financial steps (tracking, systemizing, paying yourself first) will lead to surpassing the financial status of the bottom half of America.
"if you do these three things I promise you you're going to blow past the bottom half of America"
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More than half of Americans have less than $11,000 saved, implying that surpassing this threshold is a significant financial achievement.
"because right now about half of America more than half of America has less than $11,000 saved up"
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Becoming wealthier requires building a stronger financial foundation, a stronger money mindset, and comprehensive education on wealth-building strategies.
"if you want to become wealthier you have to build a stronger Financial Foundation you have to build a stronger money mindset education and you have to build a strong foundation on how you're going to become wealthy"
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A negative association with money, stemming from childhood experiences of hearing 'we can't afford this,' can lead to the belief that nice things are too expensive or scams, hindering wealth accumulation.
"if you grew up in a household where your parents said we can't afford this we can't have these nice things that's too much money that's too expensive that's a ripoff if you grew up with this sort of mindset well what ends up happening now is you grow up thinking that once you make money that you can't afford the nice things that those are too expensive that these expensive things are scams that they're not for you"
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Generational poverty is often a result of a mindset that is passed down through generations.
"and so when you hear about people talking about generational poverty but that actually means it's a mindset that gets passed down generation to generation to generation"
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America offers unparalleled opportunities for anyone, regardless of background, to become wealthy through hard work, risk-taking, and learning.
"in America you have more opportun unities than anywhere else in the world and anybody doesn't matter what you look like doesn't matter where you come from it doesn't matter who your parents are anybody can become wealthy if you're willing to put in the work if you're willing to take the risk and if you're willing to learn"
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Investing in personal development through books, podcasts, and self-education is crucial before pursuing other wealth-building activities, especially if one has a negative mindset about money.
"go out and read some personal development books go listen to Tony Robbins go listen to personal development podcast go invest in your own self-education your personal development before you do anything else"
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Money amplifies a person's existing nature; good people can do more good with more money, and bad people can do more bad.
"money just amplifies who you are if you give a good person more money they have a tool to do more good if you give a bad person more money they have a tool to do more bad"
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There is a personal duty and importance in becoming successful and wealthy.
"it is your duty to become successful it is important for you to become wealthy"
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An initial emergency fund of $2,000 should be saved to protect against unexpected events.
"just put $2,000 in the bank and have that money there to protect you against an emergency"
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Credit card debt should be paid down as quickly as possible as it is detrimental and costly.
"you got to pay down your credit card debts as fast as possible your credit card debts it's ripping you apart and it's ripping you off"
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Credit card debt accrues interest rates of 15-27% annually, highlighting its high cost.
"this credit card debt is costing you 15 18 24 sometimes 27% a year in interest"
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Wealthy individuals prioritize investing their money first, then saving, and finally spending what remains, a reversal of the common approach.
"the wealthy people do the top few percentage of Americans when it comes to financials what they do is they invest their money first they save their money second and then they spend whatever's left"
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An emergency fund should aim to cover 3 to 12 months of living expenses.
"you want to have somewhere between 3 to 12 months worth of expenses put aside to protect you against an emergency"
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Investments are the primary driver of wealth creation.
"this Investments are what is going to make you wealthy"
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The speaker's primary investment strategy focuses on generating cash flow from the majority of their investments.
"when I invest my money my number one goal not all of my investments but most of my investments the majority of my investments are generating cash flow"
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Examples of cash flow producing investments include dividend-paying stocks, dividend-paying ETFs, and income-generating properties.
"stocks that are paying dividends it can be ETFs that are paying dividends it can be properties that are paying out cash flow"
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Speculative investments, such as those in startups, form a smaller part of the portfolio and are aimed at potential value appreciation rather than immediate cash flow.
"I do have some other speculative Investments as well that makes up a smaller piece of my portfolio those don't pay me with cash flow my speculative Investments are things that maybe they'll go up in value for example I invest in startups"
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Both cash flow and appreciation-based investment strategies are valid; individuals should choose the one that best suits their needs.
"neither one of these is right or wrong you got to find what's right for you"
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The speaker is currently reinvesting most of the cash flow generated from their investments.
"when I get paid with the cash flow I am reinvesting that cash flow"
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A key aspect of smart spending is purchasing items with cash rather than financing them.
"buying what you can afford with cash that's the first part of smart spending"
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Companies offering 0% APR know that consumers will buy more, and if payments are missed, they will incur high fees, making it not truly 0% APR.
"companies know that when they extend you money with 0% epr that you're going to go out and buy more stuff and then when you go out and buy more stuff and you can't make the payments off in time then they slap you with an incredibly High fee"
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A personal rule of thumb: if one cannot afford to buy five of an item, they cannot afford to buy one, especially for non-essential purchases.
"if I can't buy five of them I can't afford one of them"
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Consistent application of smart money management and financial discipline over several decades will lead to becoming one of the wealthiest individuals in America.
"if you can do those things and you stay consistent with it not just for a few years but you stay consistent with it for year after year after year for a few decades you're going to end up as one of the wealthier people in America"
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Dividends provide immediate cash returns, suggesting an investment strategy in dividend-paying companies or funds.
"your dividend on the hand puts cash in your pocket today so now what you can do is you can invest in companies that are paying out dividends"
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