This IS My Wealth Building Playbook - Step By Step
Published: 2024-06-07
Status:
Available
|
Analyzed
Published: 2024-06-07
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
The speaker began investing in real estate during the 2008 market downturn.
"I started investing in real estate during the bottom of the 2008 crash."
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The speaker's preferred investment strategy is to focus on generating cash flow.
"The way that I invest my money and I can't tell you what to do I'm not a financial adviser I'm just a random guy on YouTube but what I do is I like Investing For Cash Flow"
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Real estate constitutes the majority of the speaker's investment portfolio due to its cash flow generation capabilities.
"that's why the bulk of my Investment Portfolio is real estate because I invest in real estate to get cash while I buy properties that way they can pay the expenses and put some money in my pocket"
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The speaker favors stock market funds that provide quarterly dividend payments.
"I like buying funds on the stock market that are going to pay me every quarter every 3 months with a dividend"
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For over a decade, the speaker has prioritized reinvesting cash flow to build wealth.
"I've been focused on for the last decade plus now is taking the cash flow and reinvesting the cash flow"
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The speaker reinvested their own capital into their business, 'Briefs Media,' rather than seeking venture capital or angel investment.
"The first thing that was I invested my own money back into briefs media we didn't go out and get Venture Capital we don't go out and raise money from Angel Investors I invested my own money back in briefs media"
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The speaker has invested in various educational resources (classes, books, podcasts, coaches, consultants) to improve their knowledge and skills for business growth.
"I've purchased a lot of classes I've read a lot of books I've spent a lot of time listening to podcasts I've read a lot of blogs I've hired a lot of coaches I've hired a lot of Consultants all of these things as a reinvestment of my money into my own education"
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The speaker attributes their income growth to learning from an elevated number of mistakes compared to the average person.
"I have made a lot of mistakes but that's how I learn and so for me the way that I was able to grow my income was by learning to see how I can grow by making a lot of mistakes triple the mistakes that an average person will do"
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The speaker identifies business, real estate, and stocks as the top three asset classes for wealth creation in the country.
"These assets can be your own business it can be real estate it can be stocks those are the three assets that have built more wealth than anything else in this country"
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To have funds available for investment, individuals must either reduce their spending or increase their earnings.
"if you want to have money to invest you got to either spend less money or earn more money"
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The speaker suggests that earning potential is unlimited.
"there's no limit to how much money you can earn"
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Achieving genuine wealth, as opposed to superficial displays, requires a decade of sacrifice, focusing on spending less and earning more.
"I'm talking about real wealth not that that show offy oh just put it on your credit card wealth I'm talking about real wealth if you want to build wealth you don't have to worry about money anymore you got to go through the decade of sacrifice"
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The speaker emphasizes the necessity of hiring a good accountant and a good attorney for everyone, regardless of business ownership status.
"you need a good accountant number two is he need a good attorney everybody I don't care if you're a business owner or not needs these two things"
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Individuals should aim to avoid overpaying taxes by ensuring they only pay what is legally required.
"if you can figure out how you can start protecting yourself from overpaying in taxes you got to pay taxes but you just got to make sure you're not overpaying in taxes"
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Accountants are essential for individuals investing in real estate or starting a business.
"especially if you're investing your money in real estate especially for starting a business you 100% need an accountant"
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To maximize time and scale operations, individuals should delegate tasks and hire people who can enhance their business.
"you're going to want to delegate things that you can do that way you have your time back you're going to want to hire people that can help scale what you do you want to hire people that can improve and better what you do"
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The primary purpose of earning more money is to acquire more assets, not to fund a lavish lifestyle.
"the reason why you're make making more money is not so you can drive a faster car live in a bigger home go on fancer vacations is so you can buy more assets"
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The speaker began investing in real estate during the 2008 market downturn.
"I started investing in real estate during the bottom of the 2008 crash."
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The speaker posits that a primary residence is a financial liability, not an asset.
"The home that you live in is a liability."
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The speaker views a personal vehicle as a liability because it does not generate income and loses value.
"The car that you drive is a liability."
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The speaker believes that most Americans have the capacity to reduce their spending further than they realize.
"If you feel like you're tapped out at how small you can live and just for context I believe most people especially in America have way more room to squeeze."
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The speaker's preferred investment strategy is to focus on assets that generate consistent cash flow, such as real estate and dividend-paying stocks.
"I like Investing For Cash Flow because that's what made sense to me because the way cash flow works when I invest in real estate or when I invest in funds on the stock market I want to get paid like I want to see some money in my pocket."
Pending
The speaker favors investing in stock market funds that issue quarterly dividends, viewing them as a direct cash return for ownership.
"I like buying funds on the stock market that are going to pay me every quarter every 3 months with a dividend a dividend is a cash payment that some stocks will pay you for doing nothing except just owning the stock."
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The speaker has spent over a decade reinvesting cash flow generated from assets to acquire more income-producing assets, creating a cycle of wealth accumulation.
"I've been focused on for the last decade plus now is taking the cash flow and reinvesting the cash flow that way now I'm working to earn money right I'm working to earn money and buy assets then when the assets make me money I take this cash flow and guess what I do I buy more of those assets they pay me with cash flow so I'm working to buy cash flow my cash flow is working to buy more cash flow."
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The speaker grew their income by reinvesting personal capital into their own business, Briefs Media, without seeking external funding, to build products like Market Briefs.
"The way that you grow your income is going to depend on you for me I run briefs media that's the company that I started the first thing that was I invested my own money back into briefs media we didn't go out and get Venture Capital we don't go out and raise money from Angel Investors I invested my own money back in briefs media so we could build things like Market briefs."
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The speaker invested in extensive self-education through classes, books, podcasts, blogs, coaches, and consultants to learn how to grow and scale their brand.
"I've purchased a lot of classes I've read a lot of books I've spent a lot of time listening to podcasts I've read a lot of blogs I've hired a lot of coaches I've hired a lot of Consultants all of these things as a reinvestment of my money into my own education to figure out how I can grow and scale my brand."
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For those not starting a business, investing in stocks or real estate is presented as the most proven path to building significant wealth.
"If you don't want to start your own business fine you don't have to but you got to invest in stocks or real estate one or the other or both those are the assets that have proven to build more wealth than anything else."
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The fundamental principle for having money to invest is either to decrease spending or increase income.
"If you want to have money to invest you got to either spend less money or earn more money."
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The speaker suggests that building substantial wealth requires a 'decade of sacrifice,' contrasting this with the unrealistic promises of quick financial success often found online.
"I call it a decade of sacrifice I get it A decade is hard especially when everybody in the internet is selling you six steps to six figures and six months unfortunately it doesn't work like that."
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A good accountant and attorney are essential for everyone, regardless of business ownership, especially as wealth is built.
"The basics that everybody needs especially as you start building your wealth number one is he need a good accountant number two is he need a good attorney everybody I don't care if you're a business owner or not needs these two things."
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To ensure only legally required taxes are paid, hiring a specialist accountant is crucial, particularly when actively engaged in wealth-building activities.
"you want to make sure you're paying what's legally required and not a penny more and you can't do that yourself especially if you're working to do these four things you want to hire a specialist and so this is where you want to have an accountant."
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For business growth, delegating tasks to free up time, hiring individuals to scale operations, and employing people who can improve existing processes are recommended.
"you're going to want to delegate things that you can do that way you have your time back you're going to want to hire people that can help scale what you do you want to hire people that can improve and better what you do."
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Until financial independence is achieved, the focus should be on aggressively acquiring more assets with any increased income, rather than on personal consumption like faster cars, larger homes, or lavish vacations.
"until then be aggressive with buying more assets then you were to make more money but the reason why you're make making more money is not so you can drive a faster car live in a bigger home go on fancer vacations is so you can buy more assets."
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