Published: 2024-10-05
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Predictions from this Video
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Topic
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A 75/15/10 spending, investing, and saving plan is recommended for wealth building.
"for every dollar that you earn from here on out 75 cents is the maximum that you can spend 15 cents is the minimum that you invest 10 cents is the minimum that you save"
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Individuals in credit card debt with less than $2,000 saved should prioritize saving $2,000 and paying off credit card debt rapidly.
"if you have credit card debt if you don't have $22,000 save up you are in what I call the financial danger zone and right now your focus needs to be saving $2,000 as fast as possible paying off the credit card debt as fast as possible"
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Having credit card debt implies an inability to afford non-essential subscriptions like Netflix.
"if you have credit card debt you cannot afford a Netflix subscription"
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Avoid paying interest on assets that do not generate income.
"stop paying interest on things that don't make you any money"
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A 'rule of five' for luxury purchases suggests that one should only buy an item if they can afford to buy five of them.
"if I cannot buy five of them I cannot afford one of them"
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True investing involves holding assets for at least one year, and generally for many years.
"investing is where you buy an investment and you own it for the longterm the long term is at the very least one year but we're talking generally many years"
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Passive investing involves having a third party or system manage investments.
"passive investing is now where you have somebody or something managing the investment for you"
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Investors must choose between receiving income through cash flow or through an increase in asset value (appreciation).
"would you rather get paid with cash flow or would would you rather get paid with appreciation"
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Stocks and real estate have historically been the top two wealth-building assets in the US over the last century.
"the two big assets that are built more wealth than anything else over the last century in the United States are stocks and real estate"
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New investors should focus on stocks and real estate before considering speculative assets, after establishing a solid financial foundation.
"don't start with the speculative assets if you're just starting investment Journey worry about the speculative assets later after you have built a decent amount of wealth for yourself"
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A target of 7% cash-on-cash return is desirable for real estate investments, meaning $7,000 profit on a $100,000 investment.
"for me I like to look for a 7% cash on cash return if I invest $100,000 in my own cash I want to see $7,000 of cash flow profit hit my bank account after paying all expenses over the year"
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The primary goal of increasing income should be to invest more, not to upgrade lifestyle.
"the reason why you want to increase your income is you can invest more money it's not so you can just earn more money and drive a faster car"
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Starting a business is a challenging endeavor, with a high failure rate, and is best suited for individuals with a specific aptitude and resilience.
"most people start a business will fail that doesn't mean you shouldn't start a business that means you got to understand that starting a business is for people who are made to start a business"
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When earning more income, continue adhering to a structured financial system like the 75/15/10 plan to ensure increased investment and saving.
"you want to make more money continue following the same Financial system something like 75 151 that way you can spend more but you're still investing more and saving more"
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Evaluate current job for career growth potential; if lacking, seek opportunities at other companies.
"can you see more career growth at your own job that you're at today if not do you look for another company"
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Starting one's own business offers unlimited earning potential.
"there's no limit to how much you can earn when you start your own business"
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A 'decade of sacrifice' involves a 10-year period of reduced spending and increased earning to aggressively invest.
"the decade of sacrifice is going through 10 years of spending less and earning more so you can invest like crazy"
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To accelerate wealth building, prioritize increasing investments over lifestyle upgrades when receiving a raise.
"one of the fastest ways to build your wealth faster is when you get a raise increase your investments before you increase your lifestyle"
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Upon receiving a salary increase, immediately allocate more funds to investments rather than personal spending.
"if you get a raise increase your investments before you increase your lifestyle"
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A hypothetical investment of $1,000 per month into SPYD is presented for analysis.
"Let's assume that you can invest $1,000 a month into spyd"
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