Published: 2024-05-11
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The speaker outlines a five-step strategy to achieve financial security and avoid poverty.
"if you never want to worry about having to be poor again there are five things that you need to do now"
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Taking full responsibility for one's financial situation is presented as the foundational step.
"you got to say these five words not a woo woo thing you got to listen to me you got to say these five words and believe them which are I am responsible ible for me"
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Taking responsibility for even seemingly unavoidable negative events is crucial for financial turnaround.
"if you are willing to take that responsibility for anything that goes wrong in your life even if you feel like you had nothing to do with it you still the person that choose to drove that day you're still the person that was sitting in that position where the water fell if you're willing to take responsibility going to be able to get out of the situation that you're in because you have to sometimes take some Extreme Measures"
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Aggressively reducing expenses is a key strategy for financial improvement.
"you got to stop spending all of your money and you got to cut down your spending as fast as possible"
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Aggressively paying off high-interest debts like credit cards and payday loans is essential to avoid financial stagnation.
"you got to pay those off aggressively because those things are like shackles that it's going to make it impossible for you to become wealthy"
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During periods of significant debt, non-essential subscription services like Netflix are deemed unaffordable.
"if you have credit card debt you cannot hear me carefully here you cannot afford a Netflix subscription"
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Time spent on entertainment should be reallocated to financial and career education.
"get rid of the Netflix and use that Netflix time for Education time read books on financial education read books on how to advance in your career read books on how to earn more money"
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Wealthy individuals prioritize buying assets over depreciating items like luxury goods.
"instead of me taking this $10,000 and buying a watch I'm going to take this $10,000 and I'm going to buy an asset"
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A period of intense financial sacrifice is necessary to achieve significant wealth.
"see I called this the decade of sacrifice the decade of sacrifice if you really want to become wealthy"
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Reinvesting profits generated from existing investments is a key strategy for exponential growth.
"if you take this little bit of money that you're making and instead of spending it you take the money and you reinvest it"
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The speaker shares a personal anecdote of extreme frugality to aggressively invest in rental properties.
"when I was making $100,000 a year my shoes had holes in them I was living in a tiny apartment where I was paying 400 $ a month because I don't have a room I slept on the living room floor that way I can use my money to go out and buy more rental properties"
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The fastest path to wealth involves increasing investments at a pace faster than lifestyle inflation.
"earn more money but increase your Investments faster than you inflate your lifestyle"
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A significant majority of people have the potential to double their income within five years through dedicated effort.
"most people 90 to 95 if not 98% of people have the ability to double their income in the next 5 years"
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Investing in personal skills is a prerequisite for increasing earning potential.
"you have to be able to invest in your skills if you want to be able to earn more money"
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A period of intense hard work and sacrifice today can lead to greater freedom and flexibility in the future.
"if you put in the extra hustle for a few years you can have the rest of your life to have more freedom to have more flexibility"
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Once investments are generating income, luxury purchases can be made without relying on labor, significantly easing the financial burden.
"when you have to work to get paid and even if it's your own business guess what you're still working right... but I also own rental properties I also own dividend paying stocks and those checks that come in are a lot easier because I took the money I bought these assets and these assets continue to pay me the money"
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Key financial statements to analyze for investment decisions are the balance sheet, income statement, and cash flow statement.
"you want to look for are three different things the balance sheet the income statement and the cash flow statement"
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