these are six principles that everybody needs to hear to help you get rich cuz you're going to do well in the crypto cycle the biggest problem you're going to have is keeping it so we need to zoom out a little bit here and hopefully your portfolio is in the green but let's step back from the numbers on the screen for a bit why because these green numbers can be Liars they can have large power over us they can hypnotize Us blind us from our motivation which is Financial Freedom okay they can make us forget why
we're even in the cryptocurrency market so let's start there why are you here getting rich oh yeah sure great but what's that even buying a few cars and watches now their money's gone it needs to be more than that it needs to be about Financial Freedom time Freedom so let's talk about some key ideas here compounding Freedom uh how being reasonable beats being rational all this kind of stuff so let's let's get into this principle number one compounding is day to wonder the world you probably heard that before Warren Buffett didn't become a billionaire overnight
his secret compounding growth now let's say you have 100K very basic stock portfolio nothing risky expect 8% yearly growth which is the historical Baseline for the American Stock Market this will get you to almost $500,000 in 20 years of just compounding that even without making monthly or yearly contributions so if you make a million dollars in crypto and you get to cash that out and you put it into the stock market for example your retirement's secured compounding is like planting a seed over time it starts to grow into a forest start investing early stay consistent
let time do the heavy lifting crypto is great for making money in the short term aside from Bitcoin it's not really great for keeping money in long term even small amounts of money invested into stocks or or whatever can really be something mass in long term remember it's not magic it's just math but there's also a pitfall that we need to discuss you can only compound if you don't spend your money first so a crucial precondition to compounding is to avoid the Trap of Lifestyle inflation which a lot of people fall into when they start
making money in crypto every time we earn more we're tempted to spend more bigger house fancier car the latest gadgets it's called lifestyle inflation it can definitely creep up on you okay as soon as you make $100,000 well I got to go spend $100,000 on a car make 20 grand great I'm going to go buy a watch you're not careful you always feel like you're running on a treble you have to build a cushion of money right if you want to be rich you need to keep your expenses low even as your income grows principle
number two save money not just for things but for Freedom Morgan housel says it's says it best he says wealth is what you don't see forget the flashy cars and designer clothes if you're rich enough you can buy that stuff but it should not be something that you start off with true wealth is not showing off but the freedom really to do what you want when you want with who you want that's real wealth save saving isn't just about buying things it's about creating a safety net for opportunities and peace of mind for your future
you're not just saving money you're buying Freedom think about that you're not just saving money you're buying Freedom say a similar thing about buying Bitcoin by the way you're not just spending your Fiat you're buying Freedom you know we made a a video recently called uh sell your crypto but for what I talked about this Freedom idea at length that's worth watching go check it out in the video I divided the freedom that you buy into three parts First Financial Peace of Mind which is very important a hefty cushion of nonvolatile savings that makes your
life shock proof it gives you the Peace of Mind of not having to pull your daughter out from her piano lessons if you find yourself temporarily out of work or something like that this is big it's big you need to be able to maintain your lifestyle don't over leverage yourself the relief of having those High mortgage payments come down a bit that can feel pretty good or even paying your house off allog together Financial Peace of Mind is an important pillar of good health there is no price tag for that second productivity parking your money
into a savings account account it's a waste of time energy money all that stuff one option is to invest your profits into your own business plans of course your own freelance gig your own startup get out of the 9 to-5 get some Freedom back you still want to do something productive with your life why not do Your Own Thing stop working for the man man finally investing in that course from the top business coach buy some Tony Robbins courses or something man okay when you're thinking gosh what a lot of work then of course you
can put your dollars into an index fund others will do the work for you dividend stocks great maybe buy some real estate things that are going to create you income streams third quality time some things in life are just Priceless maybe your gains enable you to take a trip around the world or a luxury vacation with your whole family that expensive photo camera an exhibition uh of your own photography all this kind of stuff Priceless experiences you're only here once life bad news at some point you're going to die it's terrifying but it's what happens
so you may as well spend every moment that you can with your loved ones because one day you won't be there or they won't be there anyway quality time is the currency of life spend it wisely before we dive into principle three on solving problems a common problem that many cryptocurrency investors face is keeping track of their portfolio which is why I wanted to introduce today's sponsor coin stats this is a fantastic tool that you can use to save your time and to manage your entire crypto portfolio all from one spot coin stats is an
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principle number three solve personal problems first here's the truth most business problems are really just personal problems and discuss struggling to focus maybe your habit need a tuneup facing Financial setbacks it could be a lack of systems or discipline take responsibility for your actions you are at the end of the day the one responible fix the bad habits and most importantly create systems moving forward that are going to help you win the sooner you take control the faster you will see results okay you'll probably feel some resistance at first and old habits die hard okay
for all of us we've all been there it's natural to think man do I really have have to quit playing video games every day or you know watching All That Corn online well you know might want to CLA some your life back here dude frame it differently see it as investing in yourself okay see it as restructuring the business that's you let that sink in invest in you before you invest in stocks or crypto you are the one invesment you should invest in first your health your knowledge your habits all this kind of stuff it's
going to make a massive trajectory long term before you upwards your skills and knowledge are the most valuable assets that you will ever have read books take courses network with people smarter than you distractions toxic influences you guys know the stuff it's real wealth Killers okay whether it's just bad habits or unproductive activities or unhealthy relationships sometimes you know it's hard to hard but you got to cut ties with some people man some people just going to hold you back and that's just hard to hear but it's true these things drinking every weekend all weekend
the buddies from college like sometimes you got to grow up and move ahead to break free align your environment with your goals okay the more you surround yourself with the people you want to be like the more you will be like them okay get those people around you that have the habits that you want to push forward in your life the less baggage you carry the faster you're going to reach your destination the ROI on self-growth is insane you're not just earning money you're learning how to create money and you're earning a better life that's
a skill that no market crash can take away by the way principle number four explore multiple income streams one in income stream great multiple income streams yeah that's where it's at ma'am now there's a lot of ways that this can happen it could be freelancing a side gig it could be through Investments it could be through real estate it could be through creating digital products whatever it is there's a lot of ways to make side income out here there's a lot of ways to have multiple income streams the key is to start building it and
build try different approaches see what works never stop learning the more diverse your skill set the more opportunities you're going to unlock the more diverse your group of entrepreneurial business-minded people around you the more opportunities you're going to find as well remember one income stream may keep you afloat but multiple income streams are going to build your wealth in a serious way principle number five being reasonable beats being rational back to investing again here's something we often forget you are not a spreadsheet I know what you're thinking lar holy crap it's a revelation of my
life I ever didn't realize I was on a spreadsheet that's true though I know academic finan devoted to finding the mathematically optimal investment strategy in the real world people do not want the mathematically optimal investment strategy okay it just doesn't work like that they want a strategy that maximizes for how well they sleep at night you're just at the end of the day a person right you're emotional you're imperfect you have lots of things going on in your life there probably not investing in Magic internet money hopefully you have other things in your life besides
that and that's okay okay don't aim to make perfectly rational financial decisions all the time aim to make reasonable ones most of the time reasonable choices are easier to stick with and consistency is what matters most when it comes to actually building your long-term wealth and this is related to another principle of Finance namely that getting rich is one thing staying rich is another a lot of people get real Rich real fast in crypto very few stay Rich they screw it up in a hundred different ways they don't pay their taxes they get hacked whatever
it might be they just blow it all on dumb staying Rich requires a different skill set compared to getting rich quick in crypto a lot of people chase the next big investment you know they go from whatever bigcoin into nfts and a mem coins all gone let's say your crypto Journey works out for you and you manag to cash out reasonably close enough to the top for millions of dollars how do you then make sure you don't blow all this money on bad Investments but Morgan hous again reminds us that survival is the key to
long-term wealth if you blow it all on one risky bet you're out of the game now I know what you're thinking about what if I make it all on that one risky bet chances are probably not in your favor so you're out of the game you're done wash up start again that's sucks don't get rinsed out survive diversification of your profits can really help with that play the long game never bet the farm okay principle six make a promise this principle is inspired by Tony Robbins the world's biggest motivational speaker you probably heard of him
big Tony fan personally Robin Robin stresses the importance of leveraging emotional commitment to drive success one of Robin's principles is burning your boats now this means that you're committing so deeply to a goal that Retreat is is not really an option this is how I became so successful on uh YouTube right I just kept showing up going back wasn't an option anymore this was the thing Tony often suggests uh tying your goals to something emotionally meaningful like a promise to a loved one to create the necessary drive and accountability without accountability it's hard to reach
your goals and it's a simple idea but it's a very powerful one make a promise to someone you deeply care about and then do it not just any promise but one's so meaningful you can't even imagine breaking it right burn the boats I know many successful crypto Traders out there who have made some pretty crazy promises and it has helped them stick to their guns even in the hard times I know one whose goal it is to make his mom financially independent great fantastic that's what drives him to keep of course improving himself all the
time now look such kinds of promises it's not just a a promise to the other person of course it's a promise to yourself to achieve your goals no matter what happens and there's a lot more power in something like that like oh I just want to get myself a Rolex or like fly first class somewhere no no that kind of stuff that's just a rounding air when you have enough money it doesn't matter this stuff this is what drives you to actually make it the emotional weight of those commitments is what will drive you through
the challenges keep you focused no matter how hard it gets you will keep going so find someone who inspires you and make that promise and let it fuel your journey to success good luck thanks for watching
