10 Skills To Build More Wealth Than You Ever Thought Possible
Published: 2024-05-31
Status:
Available
|
Analyzed
Published: 2024-05-31
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Speaker purchased a 1000 sq ft condo for $88,000 in 2011.
"my first rental property I purchased back in 2011 it was a small 1,000 ft condo that I bought out of foreclosure for $88,000"
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Speaker identifies their third real estate deal as their worst to date.
"the third deal that I did was the worst real estate deal to date that I have done it was my nightmare property"
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Speaker uses Donald Trump's success in managing thousands of units as motivation to scale their own real estate business to five rental properties.
"if these people like Donald Trump can manage thousands of units I can manage five I can figure out how to do five rental properties"
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Speaker estimates it takes them three mistakes to learn how to do something correctly.
"it took me three screw-ups to figure out how to do something the right way"
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Building a good team for Briefs Media involved time and costly mistakes.
"even with briefs media it took me time and a lot of expensive mistakes to figure out how do you build a good team"
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Speaker started an event planning company in college that experienced significant growth.
"I started an event planning company and it grew pretty big especially for somebody who was in college"
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The speaker's real estate salesperson license was only profitable when they were actively selling homes.
"I did okay with that but the problem again with my real estate salesperson's license going out and selling real estate was if I wasn't selling you a home I'm not getting paid"
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The speaker launched a successful sock company that generated good revenue.
"I started a sock company which was nice I was making good money we had a great launch"
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The speaker aimed to build a business that could operate independently of their constant presence, allowing for time off.
"I had to figure out how can I build something that if I took a vacation if I took a month off that the business can continue running"
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Attempts to turn the speaker's YouTube channel into a scalable business by having others create content failed because the channel was tied to their personal brand.
"I tried it on multiple occasions where I had multiple people make videos on this Channel thinking that I could turn this channel into a business but that wasn't what it was this channel was for me my personal brand"
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A blog launched under the 'Minority Mindset' brand, despite significant investment of time and money over 2-3 years, did not achieve success.
"I tried first by building a Blog on the minority mindset and 3 years two or three years and half a million dollars later that blog went nowhere"
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Briefs Media developed 'Market Briefs,' a daily free financial newsletter not authored by the speaker.
"we can build products like Market briefs which is a free financial newsletter that goes out every day that I don't write"
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Speaker expressed interest in hiring a property manager, even when speaking to older individuals.
"I would talk to people about there's people that were older than me about how I wanted to hire a property manager"
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The speaker's first experience with a property manager for a rental property was negative, with the manager being ineffective.
"the first time I bought a rental property and I had a property manager my property manager was horrible they didn't do anything"
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A 10% return on a $1,000 investment yields $100.
"if I have a $1,000 and I can get a 10% return on my money doesn't seem very attractive because a 10% return on my $1,000 investment is a $100"
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A 10% return on $100,000 is $10,000 annually.
"what if now instead of me investing $1,000 and getting a 10% return I was investing $100,000 now a 10% return is $10,000 over the course of a year"
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A 10% return on $1 million is $100,000.
"what if it was $1 million now a 10% return on a million dollar is $100,000"
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A 10% return on $5 million is $500,000.
"a 10% return on $5 million is $500,000"
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Doubling a penny daily for 30 days results in over $5 million.
"if you could double a penny every day for 30 days that penny is going to grow to over $5 million in just 30 days"
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Speaker established a daily habit of reading before sleep.
"I made it a rule for myself that I was going to read every single day before I went to sleep"
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Reading 10 pages daily for 30 days amounts to reading one book.
"10 pages over 30 days is 300 Pages you just read a whole book"
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Reading 300 pages per month results in reading 3,600 pages (12 books) annually.
"over the course of a year somebody reading 300 Pages a month is going to read 3,600 pages over the year that's 12 books over the year"
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Reading 40 pages per month results in reading approximately one and a half books annually.
"somebody reading 40 pages a month is going to read only one and a half books over the course of a year"
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Effective communication is essential for hiring top sales talent, as it involves conveying necessary tasks and goals.
"in order for me to hire the best salesp people I had to communicate the things that we need to get done"
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Speaker rates their selling ability as 'okay' to 'pretty good,' but not 'the best'.
"I think I'm okay at selling I think I'm actually pretty good at selling but I'm definitely not the best"
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To increase future wealth, one must reduce current spending.
"if you want to have more money tomorrow that means you got to spend less money today"
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Many individuals accumulate wealth over their careers but have little to show for it besides material possessions and digital photos.
"most people will have nothing to show for it except some nice stuff and some pictures on their iPhone"
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Contrary to societal norms of spending newly earned money on luxury items, the speaker prioritized securing their wealth first.
"make money drive a BMW make money wear them fancy clothes make money go on the nice vacations but when I started making money I did none of those things because I wanted to secure my wealth first"
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Individuals earning less than the speaker were observed to have nicer cars, apartments, and more luxurious vacations.
"people who were making less money than me were driving much nicer cars than me people who were making less money than me were living in nicer Apartments than me people who were making less money than me were going on way fancier vacations"
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The speaker prioritized securing their investments.
"I wanted to secure my investments first"
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Speaker expresses a desire to pursue a different path.
"I want to do something different"
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Social media platforms like Instagram can foster jealousy, which can hinder success.
"jealousy can kill your ability to succeed especially with Instagram especially with everything that we have on social media"
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Instead of feeling happy for others' achievements, some individuals react with anger and resentment.
"instead of being excited somebody else bought their dream car what ends up happening you get angry you get resentful"
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Transforming one's outlook involves cultivating genuine happiness for the success of others.
"if you can start flipping the script and being happy for other people and I mean genuinely happy when you see somebody do something big"
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Negative energy impedes progress in business and wealth building.
"when you fill yourself up with that negative energy it's very hard to continue building that business it's very hard to continue building that wealth"
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Proactive planning for 'mental retirement' is crucial to avoid having no direction or purpose as retirement approaches.
"you have to start thinking about what is this mental retirement that I want to have because if you don't start thinking about the sooner you're going to get closer and closer to retirement and have no idea what you're going to want to do"
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