what's up everybody i'm desperately singing and all over the internet you can hear about the benefits of investing your money early because if you start investing in your 20s you will become wealthy later on in your life but what happens if you didn't start investing in your 20s what do you do then this is what everybody says if you start investing a hundred dollars a month when you're just 21 years old you do this every single month until you retire let's assume that you retire when you're 66 and you can get an average 10 percent
return on your money this doesn't mean that your money grows by 10 every single year but on average you get a 10 return you are going to retire with more than one million dollars but now let's assume that you don't start investing when you're 21 and you don't start investing when you're 31 because you didn't know about investing so now you start investing when you're 45 years old and you do the same thing you start investing a hundred dollars a month you get the same 10 return well now by the time you retire when you're
66 you're not going to have a million dollars you're not going to have half a million dollars you're not even going to have a quarter million dollars you're going to have less than 100 000 which is not going to be enough for you to retire so now what if you go out and you double your investment you start investing more aggressively and now you start investing 200 a month trying to make up for lost time so now you're 45 investing 200 a month trying to get towards your retirement get the same return but now you're
only going to have 188 000 when it comes time for you to retire which is nowhere near what you're probably going to need if you want to retire comfortably in today's economy the average american is going to need one to two million dollars to retire comfortably this is not a lavish retirement where you're flying first class around the world we're talking about a nice retirement where you don't got to worry about your bills for the rest of your life and you're not going to do that here even if you invest a thousand dollars a month
now when you're 45 years old and you get the same returns you're still going to have just under one million dollars so what do you do do you just give up well no you need to know how to use your money right if you're starting your financial education journey a little bit later and by the end of this video if you watch this video till the end you're gonna know exactly what you should be doing with your money traditional financial planning says that by the time you turn 40 years old you want to have something
like three times your annual income saved up and put aside prayer retirement so if you're making 50 grand a year you want to have 150 000 per decide if you're making 100 grand a year 300 000 if you're making half a million dollars a year you should have 1.5 million dollars put aside now if you do not have that you are not alone there's a lot of people that did not grow up learning about money that did not grow up learning about investing that did not know what they should be doing with their money so
if you're one of those people that did not start in their 20s you were not alone if you're a little bit older and you don't have a lot of money put aside for retirement there are six things that you need to do in this order if you want to retire wealthy it's not going to be easy but it is possible and you need to make sure that you're following these six steps in this order so let me start by talking about number one which is first developing the right mindset now i know what you're thinking
mindset how is that going to help me actually become wealthy well let me put it this way if you don't have this one right here if you don't have the right mindset i don't care what you're doing with numbers two through six because you are not going to be able to retire wealthy if you don't have this this is crucial to developing all of these you have to start by believing in yourself and knowing that you will become wealthy if you're sitting there every single morning telling yourself that you're never going to be able to
be financially free that you're never going to be able to retire you're right i can't convince you otherwise i cannot change the way that you feel about yourself but until you change the way you feel about yourself it doesn't matter what you're doing here you have to have the right mindset before you can become wealthy because if you have a broke mindset you will never be able to have a wealthy bank account you are wealthy in your mind before you're wealthy in your bank account so you have to understand that if you are not able
to develop this none of this matters and if you're struggling here go out and read some self development books go out and understand how you can develop your mindset all success starts with your mindset which is why i call myself the minority mindset because you have to be able to think differently than the majority of people and this can be hard when you're constantly around toxic people when you're constantly around the toxic broke mindset so you got to get away from that and you need to start absorbing some positivity that way you can understand how
you can actually become wealthy yourself the second thing that you have to understand here when it comes to your mindset is you got to make sure that you're on the right page with your mindset so if you're married if you have a spouse you need to make sure that you two are on the same page because now you're going to start a brand new financial journey towards wealth and you cannot do it alone or you don't want to do it alone it's going to be a whole lot easier if you and your spouse are on
the same page so if you have a husband you have a wife whatever you got to talk to your partner and you got to figure this out you need to make sure you're on the same page because you're going to have to make sacrifices and you're going to have to put in work and it's going to be a lot easier if you two are on the same page and that also means that if you have kids you got to make sure that they're on the same page as you because a lot of times mommy and
daddy don't want to not give their kids something if your kids friends all have the newest bicycle if your kids friends all have the newest toys you don't want to be that person who is not giving their kid the thing that they want well if you are trying to become wealthy all these little expenses are going to add up and you have to understand what is your biggest goal right now if your number one goal right now is to become wealthy you need to make sure that you are all on the same page as a
family that way you can take care of yourself because if you don't you see this all the time when it comes to college you want to pay for your kids college you don't want them to go into student loans and so you sacrifice your retirement in order to fund your kids college education well what's gonna happen if you do that they're still probably gonna have some student loans and now they finally graduate college and now it's time for you to start thinking about retirement and you have no money saved for retirement so now your kid
might not have all the student loans but they have to pay for you to retire and now they're going to be stuck paying for you to retire so still another financial burden on them or they just forget about you and now you're stuck trying to figure out how you're going to eat so before i jump into the financial things let me just end the mindset part by saying this while this is going to be hard it does not mean it's impossible there are dozens of people that did not see any sort of success until they
started hitting the 40s which was when they started to make a change for their life so it is not impossible there are dozens of people who have hit multi multi-multi-multi-millionaire status even though they didn't start until their 40s or later so you were not alone it is possible but it is going to be difficult so you need to understand that but if you're willing to go for the ride if you're willing to put in the work well let's jump into number two the second step out of five and your first real financial step if you
want to become wealthy is you have to start by creating a financial base the easiest way to understand this is to think about building a home if you want to build a home you got to start by digging the foundation if you do not have a strong foundation well now your house is going to be wobbly and it can topple over the bigger the home you want to build the bigger the building you want to build the deeper your foundation needs to be so you need to start by building a strong base and what that
means financially is you got to start by putting some money aside for savings and you need to pay down your high interest debt and you need to do this as fast as humanly possible if you don't have any savings in the bank the very first thing you got to do before you do anything else to put a couple thousand dollars aside in a bank account that you can easily access for your savings this is not money you want to have in a stock market account there's not money you want to have in cryptocurrency there's not
money you want to have somewhere else this is something you want to keep in the bank that you can easily access and this is only money that you have for emergencies now i know saving money can be weird when you're in an environment where inflation is skyrocketing but the whole idea of saving money should not be to become wealthy we got to get this out of our minds because a lot of us grew up with the mindset that saving is how you become wealthy safe safe safe but that's a big fat lie that's how i
grew up i grew up in a traditional indian house and the traditional indian mindset is saved first there's a joke that i like to make that indian people make a dollar to spend 20 cents while american people make a dollar to spend two dollars through the help of credit cards and lines of credit indian people will make a dollar and save 80 cents that way they can just put this money in the bank thinking that the same is going to make them wealthy well american people love the idea of spending so now they make a
dollar and they're going to stretch it thanks to help with credit cards and lines of credit that way they can go out and buy more stuff now neither of these are right you should not be going out and spending more money than you have to buy a whole bunch of liabilities and you also shouldn't just be saving all of your money because that savings isn't doing anything you should be saving your money for three reasons and three reasons only you should save your money for a financial emergency you should save your money for investments and
you should save your money to buy big and more expensive things that's it if it doesn't fall into one of these three categories you should not keep saving your money so when it comes to your actual savings you don't want to save more than a year's worth of expenses typically you want to be saving somewhere between three months and six to nine months worth of expenses but if you really don't like risk and you really can't sleep at night knowing that all of your money is invested or a big chunk of your money is invested
then fine save up to one year's worth of expenses but do not save more than that in your emergency fund because that cash is now just being eaten away by inflation so you save somewhere between three months and 12 months worth of expenses and you do not want to save anything more than that in your emergency savings but after you have a little bit of savings but aside so you put aside a couple thousand dollars the next thing you got to do before you do anything else is you have to pay down your high interest
debts so this is your credit card debt this is your zero percent interest rate loans that are now charging you 15 because you didn't pay it off in time these are your payday loans and any other high interest debts these are things that are skinning you alive back not that long ago a high interest debt was considered 10 or more nowadays even something less than 10 could be considered a high interest debt but in general if it's like a credit card loan the zero percent epr that expired or a payday loan these are the loans
this is the debt that you have to pay off before you do anything else because there's no point for you to try to grow your money at seven to ten percent a year in the market if you got to turn around and pay 15 to your credit card or to your bank you have to save a little bit of money and then you got to pay down this high interest debt as fast as humanly possible now if you're a little bit older and you're watching this and you're trying to figure out how do you do
that fast well you've probably accumulated a whole bunch of crap over the years well this is the time to start selling that crap just look around you look around your room look around your house what is all that stuff that is collecting dust that's not doing anything for you now you want to take that crap sell it convert it into cash so now you turn your crap into cash take this cash and start paying down your debt second thing you want to do is you got to start downsizing this is going to become painful first
thing you do is you downsize your car you're driving the bmw well now you want to take that bmw convert it into a toyota camry i know it's not fun nobody wants to go from a bmw to a toyota but this is one of those things that is very painful in the beginning but it will save you so much money because both your toyota and your bmw are going to take you to work just fine but your toyota is going to save you a whole lot more money than your bmw so now you downsize your
car that way you can save a lot more cash and then you take this cash to pay down your high interest debt and now you might want to consider downsizing on your home too if you have a home that's stretching you too thin this might be time for you to downsize maybe you own your home that you live in right now but just because you own your home on paper doesn't mean you own your home right now if you're struggling here you don't own your home your home owns you so if you're struggling with affording
your home maybe you downsize in your home maybe you move to renting because when you own your home not only do you have to pay for the mortgage to pay for the taxes you have to pay for all the repairs too you have to pay for anything that goes wrong in the home and home ownership can be very expensive now i know everybody in america likes to talk about how home ownership is the pinnacle of building generation wealth but that's not the case there's so many other ways for you to become wealthy and you don't
have to own a home to build generational wealth and the first thing you need to do right now is you got to build this you're trying to figure out how to build a generational wealth over here but you haven't done this yet so maybe owning a home is the right thing to do but maybe not in this stage of life so what you need to do right now is you got to get as much cash as possible to pay down this high interest debt another tip that you can do right here to find some extra
cash to help pay down this debt is to negotiate your bills lower so my family is from a state in india called punjab and the interesting thing about india is you negotiate the price of everything you go walk down the street and you want to buy i don't know you want to buy some apples you're going to negotiate the price of the apples from the street vendor well in america you don't really negotiate things the only thing you negotiate the price on is well the price of your home and maybe the price of your car
that's it but there's a lot more things that you can negotiate on if you just ask so the first thing i want you to do is take all of your utility bills take your phone bill your internet bill any other utility service subscription that you have call them up ask them for a discount now this might be hard to do if you don't have a lot of experience with that but the worst thing that they can say is no and if you shop around and you see that their competitors are charging less than what you're
paying right now well then you can use that as leverage because no company wants to lose a good paying customer or a good paying subscriber to their competitor just based on price because it is harder and more expensive for them to go out and get another customer so you need to use it to your advantage but the one thing that you want to do here the best tip that i can give you when it comes to negotiating your bills lower is just to be nice the customer service rep these customer service reps are being yelled
at all day and night long so if you're nice to them they'll be nice to your wallet the next thing you want to do is you want to lead your money you need to create a plan for your money for your savings for your investment and your spending because now anytime you earn a dollar every dollar that you earn needs a job if your dollar that you earn doesn't have a job it is going to be lost it's going to be spent on something that it shouldn't be spent on so you need to give a
dollar a job before it even hits their bank account and this is if most people think oh i'm already set here i have a 401k plan with my boss with my company so anytime i get paid some of money is being invested except your 401k is not enough even the founder of the 401k has come out and said that the 401k has gone awry because everybody we're not everybody but most people the majority people think the 401k is enough for them to retire but i hate to be the one to break the news to you
but that's not the case your 401k was never intended to be your sole retirement plan and if you are one of those people that only have a 401k this is where you have to take some steps to lead your money you need to create a financial system you need to automate your finances right now you're going to have some money automatically invested you're going to have some money automatically saved and you're going to have some money but aside to spend you need to know how much money you can spend how much you should be saving
and investing every single month in order for you to hit your financial goals and the easiest way to do that is by automating this and it doesn't really have to cost you any money to do that either if you're just using the right tools now most people assume that the best way to build wealth and to build wealth for retirement is by doing two things max out your 401k and max out your ira now i hate to break it to you but i don't have a 401k i also don't have an ira i don't use
these tax deferred retirement accounts because i can get better returns investing my money myself i can get better tax breaks by investing my money myself and i can have more control over my money when i invest my money myself now this doesn't mean that you shouldn't use a 401k or an ira they are great for the right people okay for the average person the 401k an ira is a great place for you to start investing your money but you have to understand that when you invest your money into these things you do sacrifice some control
and you're going to sacrifice some ability to decide how you invest your money but for most people that's fine but i just want you to understand that those are not the only ways for you to invest your money and they should also not be the only way that you invest your money so now as you're trying to create a system and a plan for your money the first thing you want to do is create a system something like maybe our 75 15 10 plan you can find what works best for you but this is something
that's very simple to follow the 75 15 10 plan says that now for every dollar that you earn it's going to flow through this funnel for every dollar that you earned 75 cents is the maximum that you can spend 15 cents is the minimum that you invest and 10 cents is the minimum that you save now you're only going to do the saving until you hit your savings goal so if you're saving six months worth of expenses after you hit your six months you're gonna stop saving and you're gonna put this money here which means
what you want to do and you really need to do this you need to create three different bank accounts you want to have a bank account for your spending money a bank account for investing money and a savings account here so now anytime you get paid money is going to come into this bank account and you want it to automatically be pulled out of this bank account and put here and here most banks will allow you to do this for free they don't allow you to do it or if you don't have a bank that
allows you to do that you can make these type of transfers yourself or you can use another app to talk about different things that you can use but you want to make sure this is happening automatically or if it's not automatically you want to make sure that it's happening every time you get paid because now you don't want to accidentally spend your savings money you don't want to accidentally spend your investing money i'm an attorney and there's a legal concept called commingling where if you have a business entity you go out and create a business
and you use your business bank account to pay for your personal expenses like your groceries that's called co-mingling of funds and it's a big no-no in the legal world because now your business can be confused with your personal bank account and now people if you get sued can sue you for your personal assets not just your business assets i want you to think about that here too when it comes to the way that you spend your money you don't want to start co-mingling your money you don't want to commingle your savings when they're investing your
money you don't want to commit investing money with your spending money you need to have these separate that we don't accidentally spend your investing money and that way you don't accidentally spend you're saving money so i already talked about how and why you need to be saving your money this is how you build your financial cushion but let me talk about now how do you actually invest your money the right way because in general there are three ways that you can invest your money to get a growth or return on your money you can invest
your money into companies you can invest your money into physical real estate or you can invest your money into commodities i'm just gonna shorten that right there these are three different places where you can invest your money and now you need to understand what is going to be the best investment for you and how do you create a system for you to invest your money so now you know you're going to be putting money aside for your investments you have this investment money being built up so now let's talk about the three different ways that
you can invest and how you actually invest and grow this money because this is how you were going to become wealthy the more money that you put here the more wealth that you will accumulate the better returns that you can get here the more wealth that you will also accumulate so you got to understand this is the key to building wealth it is not this and it's not this the less you spend here the more wealth you can build but let's talk about now what do you do with this money to build wealth investing in
companies is probably the most well understood and the most common way for you to invest your money if you're investing in a 401k or an ira chances are your money is being invested into etfs or index funds or companies the stock market those are all companies but the reason why i didn't say stocks is because you can also invest money into companies that are not on the stock market so you can invest money into private companies that haven't gone public yet so you can invest money to startups or you can invest money into your own
company if you have a business idea a side hustle idea you can invest some money there i'll talk more about that in just a second but real estate now you're investing in real property investing in real estate where people are living there or using the property they're going to pay you rent for using this property and so now you own a physical asset the real estate which is also generating a return through rent and you can also own commodities things like physical gold physical silver maybe even bitcoin this is another way for you to earn
a return but in general when we talk about gold and silver you're not really trying to get a real return on your money i like to look at gold and silver as more of real physical hard money so it's another way for you to save your money now bitcoin can be arguably another way for you to invest your money and get a return but it's much more speculative and you have to understand that if you are going to be investing in cryptocurrency it should be more just on the speculative side of your portfolio so now
if we focus in on the stock market one of the most proven systems to build wealth in the stock market is by using a dollar cost average system where now you're not trying to time the market you're not trying to time the perfect company all you're trying to do is you're just going to invest your money into some etfs or index funds which are funds that give you exposure to a whole bunch of companies so instead of trying to find the perfect company like mcdonald's or tesla or amazon what you're going to do is you're
going to invest your money into a fund that's not going to rip you off in fees that's going to give you exposure to a bunch of companies so one of the most common examples of this is an etf that gives you exposure to the s p 500 so you have a couple etfs you have vo you have spy i'm personally invested into voo so both of these etfs are giving exposure to the biggest 500 companies in the stock market so anytime you invest your money into either of these etfs now you're getting exposure to the
general stock market the stock market goes up you make money the stock market goes down generally your etf is going to go down so you can create a dollar cost average system where you're just investing your money into a handful of etfs now i like to use a platform called m1 finance to do that they're also sponsored from minority mindset if you want to learn more and see how they work i'll put the link down in the description but the reason why i like m1 finance is because they make it super simple and it's free
to use investment platform so the way i use it is every wednesday i have a system where money is going to be automatically withdrawn from my bank account and it's going to be invested into my portfolio of etfs and it's going to be automatically divided into the etfs that i have so it's super simple i don't got to worry about it and this happens every wednesday on autopilot and it's not costing me anything to do that if you want to be more involved with your investments then you can start learning about how to invest your
money in the stock market and you can look for undervalued companies and buy them and then hold on to them for the long term now you got to understand that when you invest your money you're trying to hold on to your companies for the long term and that's very different than trading your money trading your money is when you're trying to buy and sell stocks within less than a year that's not investing that's where you're hoping to see a quick rally so you can sell it for profit i look at that like gambling you can
make a lot of money gambling but that's not for me if you want to invest your money you have to understand that it's going to take time and you have to also understand what types of investment goals that you have if you really want to be involved and you want to get the better returns you need to learn about fundamental analysis you need to learn about how to research companies you need to learn how do you actually invest your money if you're not willing to put in that work then come up with a passive strategy
kind of like what i talked about i do both i have a passive strategy and an active strategy i'm looking for undervalued companies but a passive strategy is just dollar cost averaging your money into the market that way you can get the returns on the market and now whether the market's up or down you're still just putting money in that way you can let the market do its thing and help build you wealth if you're okay taking on a little bit more risk then you can also look at investing in startup companies this is a
lot easier now than before because of something called reg cf regulation crowdfunding which lets the regular people invest in these type of startup companies with as little as a hundred dollars so there's a bunch of platforms on the internet refunder republic start engine i'm not sponsored by any of these companies but there's a bunch of these types of companies on the internet which allow you to crowdfund your money and invest in these startups meaning now you're getting a little piece of equity or the option to buy equity in these startups but the risk is you
only get paid if these companies go public or if they get acquired if they don't get bought out or if they don't go public well then you don't actually see a return on your money so it's much more risky but you have the opportunity to see much bigger returns or the third thing you can do to invest in companies is you can invest in your own business idea it's impossible to beat the returns of starting your own business but now it is very risky to start a business and there's a big chance that your business
will go to zero but if you really believe in your idea and you believe in yourself then you can also invest in your own business idea and use your money to help fund your business idea and try to grow that into something a whole lot bigger the second way that you can invest your money is by investing your money in real estate i love investing in real estate because when i invest in real estate i know something tangible something that i can see feel and touch and this thing is also going to pay me with
cash flow so i also invest in startups but the downfall with startups is i don't know if and when i'm going to get paid when i invest my money into a startup i might not see my money for years or might not even ever see my money again but when i invest my money in real estate i go and buy a house i go and buy an apartment complex and i can start making money in just a couple months because once i have a tenant there they're going to start paying me rent every single month
for using my property now the downfall with real estate compared to this type of crowdfunding with companies is it costs a lot more money to go out and start investing in real estate like if you want to go out and buy a house if you want to go out and buy an apartment complex isn't it cost a lot more money than investing a couple hundred dollars into a startup but when it comes to real estate you also get paid two ways you could pay with cash flow and you also get paid with appreciation your property
is going to pay you rent and hopefully this rent is going to cover all your expenses assuming you do it right and it's also going to put some money in your pocket and if real estate prices go up then the value of a property goes up too now if you want to learn more about how to actually do this type of investing you can check out market insiders it's an investing education app that i created where every week you get access to stock market real estate and cryptocurrency coaching you can try it out for free
if you want to try that i'll put the link down for you in the description below so you can try it out with a free 10-day trial and then you have this type of commodity investing right now you own something like gold you own something like silver or you own something like bitcoin now when i talk about investing in gold and silver i'm not talking about investing in gold funds or gold mining companies i'm talking about actually owning physical gold i own physical gold but for me it is a type of saving it is saving
real hard money it's not for me to really see a return on my money it's another way for me to save money because i understand that the value of my dollars are being diluted now with bitcoin is a little bit different people used to make the argument that you should invest in bitcoin as an inflationary hedge but now as bitcoin has developed and it's kind of changed where people are understanding that there's a lot more power in the blockchain of bitcoin so if you want to invest in bitcoin you can but you just have to
remember that it is more speculative and it's much more volatile and so because it's so speculative and volatile it should be a smaller position in your portfolio because there's a chance it can go up and there's a chance you can go down so you want to understand where you should be investing your money based off of your goals the next thing that you have to do now that every dollar that you earn has a job is you got to stop spending so much money on things you shouldn't be spending money on so the first thing
i want to say is zero percent apr has started to grow in popularity a lot sometimes companies will offer zero percent apr sometimes they offer buy now pay later but it's all the same thing at the end of the day a lot of people assume that they're getting a great deal because they get to buy something they don't have to pay for it today you can pay it off in installments but there's a reason why zero percent apr is so profitable for companies and banks it's because so many people are gonna end up buying more
stuff than they normally would when you spend money at zero percent apr and then if you overspend too much and you cannot make the payments well now you're going to get slapped 15 to 25 interest so the first thing you want to do when it comes to spending your money smartly is you got to understand the difference between an asset and a liability an asset is something that puts money in your pocket and liability is something that takes money out of your pocket if it is an asset then we talked about it here lead your
money but if it's a liability and it's taking money out of your pocket don't finance it pay for it in cash up front that means no more zero percent apr one of the easiest things that you can do is just follow my rule of five if you cannot buy five of them then you cannot afford one of them so when we're talking about spending the money you're gonna have to stop spending so much money on crap that you don't need second when we're talking about smart spending that means now you gotta start driving a car
that's not costing you money every single month that means you should be driving a car that's paid for in cash and stop financing a car that's costing you money every single month because your car is a liability it's losing value every single day that you drive it and on top of that when you finance it you're paying interest to drive something that's losing value so instead of doing that buy a car that you can buy in cash and now drive that that way now you can take this extra cash that you were spending every single
month the 300 to 700 a month that you were paying on your car payment put that right here and i'll put this money towards the investments to help you build your wealth a whole lot faster now you might hear that and say just breathe i have a forty thousand dollar car you expecting to buy forty thousand dollars with the car in cash no i'm not saying that you have to do that but if you're driving a forty thousand dollar car you had to bring eight grand to the closing table to buy that car what i
want you to do is take eight grand and go and buy a used car with eight grand and drive this eight grand car without a car payment and take the other 32 grand plus interest that you were financing for your car and put that money towards your investments once you can afford to drive a 40 000 car without having to worry about the price hey be my guest to go out and drive it i want you to have a nice car but i don't want you to drive a nice car at the sacrifice of your
wealth i like nice cars now i'm a little bit extreme but the first time i made a million dollars in a year not a million dollars net worth million dollars in a year i drove a car that was barely worth 500 worth less than a fraction of one day's income i could have driven a much nicer car but the reason why i did that was because i understood if i went out and bought a hundred thousand dollar car i could have bought it with cash it wouldn't have really affected me but that's a hundred thousand
dollars i would not be putting towards my investments even today i'm still driving that 500 car and my accountant keeps pushing me to go out and buy another car and he keeps laughing at the car that i'm driving but for me it's not that important for me to go out and buy a car yet because i'm investing money into my own companies i'm investing my money into real estate i'm investing my money aggressively into so many different places and it doesn't make sense for me to go out and buy another car because that's 50 to
150 000 that i can use to invest back into my companies and back into the things that i want to own right now for me a car is not as important as my future wealth and the wealth from a family and for my generations to come this step might seem obvious but a lot of times we don't realize how good we have it my parents came to this country with less than a hundred dollars and so i saw what it was like to live below your means and to live small because now you're trying to
squeeze pennies everywhere because that's the only way you can grow and get to the next level and when you go to another country like india and you see how the people are living over there then you really start to appreciate all the luxuries that you have here and you don't realize how many things that you have here that people around the world would be killing for and would die for like in my house our family house in india we still don't have electricity 24 hours a day we still don't have running water 24 hours a
day so there's a lot of things that you can cut back on that will help you build that wealth faster but you have to be willing to make that sacrifice put in that work today that way you can have that wealth tomorrow you got to create your priorities what's important for you right now is it more important for you to fund your retirement and build that wealth or are you trying to pay for your kids college because if you're paying for your kids college you're not paying for your wealth and your retirement and someone else
is going to have to pay for you to retire and if your kids don't do it for you then you're going to keep working fifth you gotta earn more money when you ask most people right now what will solve the financial problems almost everybody is gonna say i don't make enough money if i just made more money all my money problems would be solved except the reality is that's not how it works because for most people if you fall across a big lump sum of money you win the lottery you get a big inheritance if
you want a lot of money what happens most people are gonna lose all of that money all the millions in five years or less because you don't know how to manage your money and even if you look at this on a smaller scale when you go and you get a raise or you get a promotion you get a bonus what happens well it's time to celebrate by going on vacation it's time to celebrate by getting a better car and so what happens your income goes up and then your expenses magically go up with it so
this is why i say that you need to start earning more money here once you understand how to use your money because once you know this this is where earning more money has the most value and the most benefit because now you can take this extra money that you're earning and flow through your system this means you can work harder at a job maybe try to get a promotion maybe try to get a raise maybe try to start a side hustle become an independent contractor get a second job whatever you got to do this week
and start earning more money because now when you earn more money it's going to give you the biggest bang for your buck because now you can take this extra money and flow it through your system you know how to build wealth now you have the tools in place but you just need more money going through your funnel and now you got to remember you need to have the right mindset because you need to have a growth mindset because a lot of people assume now that the way that you become wealthy faster is by now squeezing
more money out of your funnel you make 50 000 a year you're putting aside 15 grand how can you put aside 20 grand how can you squeeze more pennies out of your pie but that's a limited scarce mindset what i want you to think is okay i'm making 50 grand right now how can i take that to 500 grand because now you can have a lot more room for you to take money out of your pie towards building your wealth but that requires you to have a growth mindset most people are trying to squeeze more
pennies out of their paychecks but what i want you to do is think about how do you make a paycheck bigger which means how can you earn more money and this is a whole skill and talent on his own maybe you do this through your job maybe you do this outside of your job you got to know yourself starting a business is not for everybody but you have to know what's right for you and you have to be willing to try things and you have to be willing to fail and finally the last thing you
got to do is you got to plan you need to plan to be great the first thing you got to do is you get a plan for what happens if things go wrong this means having something like life insurance in place because now as you're starting to build wealth you want to make sure that your family is okay in case a tragedy happens in case something happens to you but you want to make sure you do life insurance right our team put together an article if you want to learn more about that i'll link that
for you in the description if you want to learn more about life insurance but that also means having things like a will or estate planning because now as you are building your wealth the last thing you want to happen is for people to start fighting over your money now what's going to happen let me just tell you this because once you start having money people are going to try to take their hands put it in your wallet and take some of that money for themselves so you want to make sure you have shields in place
you want to have something like a will or estate planning that way when you're gone that your money is protected and your money is going to go where you want it to go that also means having things like insurance in place so we just talked about life insurance but other insurances in place to protect you because when people find out you have money they're going to want to get some of that for themselves so you want to make sure that you're protecting yourself have a good team of people around you this might be having business
insurance this might be having real estate insurance having the proper financial insurance around you but then also having the right attorneys the right accountants around you because you want to make sure that you're protecting your money and not just giving it away that was a long one if you stuck with it i know that was a lot save this video if you need to watch it again if you need to and then keep taking these steps one by one by one and every time you take a step maybe watch this video again that way you
understand what you're doing making sure that you're doing it right that way you take yourself to the next step and you know what you need to do because building wealth is a marathon it's not a sprint it's something that's going to take time but you can do it doesn't matter when you're starting but you need to make sure you have the right goals that you have the right strategy to take you to your goals if you enjoyed this video here's a video on how to never pay taxes legally that i think you love and while
you're at it if you want to read my free guide on how to start generating passive income all you got to do is click that button below thank you for watching and as always keep hustling elon musk doesn't pay any taxes and the reason why he doesn't pay any taxes is because of what i said in number one he doesn't
