No BS Advice to Get Rich in the Next 10 Years | Big Money Investing Review

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I hit a $100 million net worth at age 31 but before that I lost all my money twice and the difference between me losing all my money the first few times and now are these rules so this is nobs advice for making money and keeping it number one passive income is a lie if you think about how money is made you make money during time because every minute we’re alive a minute passes time passes and we make money over that time period which means every single person on planet Earth has a dollars per hour that they make and so it’s not that passive income doesn’t exist just as much as active income doesn’t exist it’s a spectrum where it’s how active is it or how passive is the activity that I’m doing relative to the time that I’m investing and so I would eliminate active versus passive and simply say what is my return on time or how much do I make per hour it’s just that most people get really scared of that like no one should trade their hours for money everyone trades their hours for money it’s just that when they receive the money it’s just not denoted in hours and so I think there’s two Downstream impacts in terms of changing your behavior around this that I had to apply number one is that I was obsessed with trying to find quick easy low you know effort money things and so I ended up spending tons of money on things that I was obsessed with hoping would cost me no time to make and I would put not nearly enough time to the things I was acting ly making money with and thinking how could I just make my active income significantly higher and I would get obsessed with the idea that everything I did actively had to be scalable or it wasn’t worth it because if it’s not scalable then why why should I buy I shouldn’t trade my time for money but if I looked at what I was making over the last year and divided it by the amount of money I made per hour this activity was 15 times what I was averaging per hour so I should absolutely do as many hours of that until all of my hours are that and then I should find something else I can trade my time for that’s even higher and so if you want a very humbling experience look at how much you made last year and then divide it by 2,000 if you want to know how much you made just in a 40-hour work week now if you want to look at how much you made per actual hour of being alive you can divide it by around 8,000 or just take that number and divide it by four and that’s actually how much you make per hour and so when you’re looking at is this worth my time if it’s more than that number it probably is and so what I should have done and what changed for me was that I stopped trying to invest my money from my active into trying to find more passive things and try to say how do I invest my money more into my active to multiply my active that I know is working number two if you can’t buy it twice don’t buy it once or even buy it three times or four times or five times over don’t buy it once and the way that really shifted how I started spending money or rather started saving money and not spending money was when I started looking at how much time it took me to make the amount of money post tax to buy whatever I wanted and I remember this clear as day I was working at Smoothie King as a blender tender and I was making 675 an hour and I had just gotten a raise from 625 an hour uh I’m dating myself anyways and while I was there the cooworker that I had and I would always go to lunch next door at Coy which was like a sandwich shop and it was like 13 bucks for a sandwich right and a drink and chips and whatever right and so I remember looking at my check and my 675 an hour after taxes and fees was like six bucks an hour and I was like man I gave up 2 hours of my 6-hour shift every shift to go by lunch and I was like I’m literally giving a third of my earning away for lunch every single day if I knew that I had to work the first two hours just to get the sandwich I don’t think I’d ever make that trade and yet I was making it every day and then I started thinking I’d go to the mall and like oh do you want a new shirt and it was at the Gap and it was 30 bucks and I was like okay well shoot that’s a whole shift and I was like would I work a whole shift if someone just held up a shirt that I didn’t need to do it and I was like I don’t think I would and so all of a sudden it started shifting how my buying happen because I I started feeling the pain associated with what it would take if I had to do do that before getting the thing I was going to buy and it it completely changed my buying behavior and to be very clear saving money won’t make you money but saving money allows you to have money and having money allows you to look further out and when you look further out you can take on bigger risks which absolutely will make you more money and when you’re looking at the price of whatever the thing you’re trying to buy is obviously when I was a teenager looking at a shirt I was looking at okay I’m making six bucks an hour a shirt’s 30 bucks but when you’re adult and you’re making $100 an hour and you’re looking at a $500 or ,000 purchase would you work two days in order to do that I don’t know would I probably not and sometimes you think hey is uh would I work all day for two days to go out with the boys for three hours on Saturday I I’d probably be like guys I’m I I’m not going to work for two days just to go have three hours of fun right that feel like I’d rather just not work the two days and that was the thing is whenever I had the well I’d rather just not work than do that thing then I was like I shouldn’t buy that thing for example when I was poor I only spent cash and so my easiest way of actually creating a budget was that I had a personal training client who paid me $2,000 a month in cash and so 100% of my money that came in through the business and credit cards and everything else is just what went into my bank account and the only thing I knew I could live on was was was inside of my wallet and so as that got replenished and the thing is is that I’m so scared with money or I was so Frugal with money that I would always make sure that I had more than that to make it for the next payment cuz sometimes the guy would take a day or two you pay on Wednesday rather than a Monday or whatever and I need to make sure that I had food forb life three most people overestimate what they can accomplish in a year and they underestimate what they can accomplish in a decade and every new employee that I have at walks into acquisition. comom the number one thing that they say they want is growth and I have this talk with them which is the 10year million doll contract but it’s less about the million dollars and more about take whatever your net worth is now and add a zero to it or add two zeros to it you can accomplish that in a decade if you look at the biggest companies in the entire world who were worth multiple billions from their Inception until the time they were worth multiple billions many times it’s under 10 years but it’s still more than five more than seven and so you can accomplish lifechanging crazy amounts of wealth in a decade and so if you could write a contract to yourself and say I will make no money for 10 years but on the 10th year I will add a zero or two zeros or three zeros to my net worth would you do it and if the answer is yes which it almost invariably is with every person who comes into my business then I say great now act like it and so if you knew that you would make this amount of money over that period of time you would stop this Obsession myself included this is me giving my advice to my S who lost it twice when I was able to shift to okay what would I have to do that would make it unreasonable that I don’t 10x in 10 years then all of a sudden I started making very reasonable bets that I knew would compound unto itself over that period of time and then winning became inevitable rather than a game of chance and so often times you have potential earning and then actualized earning and usually as you’re realizing the potential earning you have you’re usually losing out on your investing into that potential right you’re realizing the potential and that’s kind of like the kid that learns one skill and then immediately says I’m going to start a business opportunity around this one skill that makes me $5,000 a month or they have this one skill and say hey this this company is willing to pay me $100,000 a year to go do this skill where I have this other company that will give me a free internship where I could 10x my potential earning in three years but I’m going to make $35,000 a year for the three years which one would you take the problem is most people will take the $100,000 now and forgo the investment itself and that’s the thing is we the asset that we invest in and the currency we invest into ourselves in is time experience and skills right skill is the outcome the time and the effort is what we put into it to gain the experiences which ultimately give us the skills but if you’re in an environment where you’re not compounding your potential earning then you’re actually losing out long-term you’re ripping up your million doll or your 10x or 100x contract for a decade from now so you can get the short fast money today and that’s why in the early days when you have limited amounts of money but put lots of time and energy instead of putting your money in the S&P 500 I like to say put in the 500 because the asset that is you will always beat the stock market number four you should only have to get rich once in other words don’t bet what you have and need for something you don’t have and don’t need and some of the gravest mistakes I made manifested in for example me getting into a partnership that I shouldn’t have gotten into because I want it even more faster now when you get into a partnership which is usually the time where you put the most risk on the table one is you guarantee the largest decrease in your earning power you pay what the most expensive thing you have which is equity to somebody else and so people get obsessive about what they’re they’re you know 5% 10% later when we’re making money but day one they’re like all right we cut the pie in half oh we cut the pie into thirds right up front before anything’s really happen if you work with a partner or decide to partner up with somebody one of your friends one of your co-workers this is coming from somebody who has nine failed Partnerships before I met Lea and then that has now worked and now I have successful Partnerships a partner needs to have one of these three things that you do not have either have to have money that you don’t have and then the clear contribution is that money they need to have experience you don’t have and the clear contribution is that experience or number three they have time and energy that you don’t have and the clear contribution is that time and energy and so I added that second part on is that just because someone has it experience if they’re not contributing it to the partnership clearly then you’re still not going to get the benefit from it if they have the time and the energy but it’s not clearly defined how they’re going to invest that time and energy into the things you both get a return then it’s not going to be a good partnership and I’ve lost so much money in Partnerships especially early on one of my two big losses was from a partner and a big part of it was I was insecure and I thought I just had to have somebody else cuz I was afraid to do it on my own real quick if you’re trying to make your first dollar online you can go to school.com games we’ve got a whole system that’s set up it’s a platform you can start it for free I’ve got instructional videos I take a call every single week and so if you do do that you can hop on the call on Monday and I’ll say hi to you just let me know that you’re brand new if you are a business owner and you’re trying to scale and you’re doing a million bucks a year and you want to go bigger go to acquisition. comom hit scale and uh we’d love to see if we could help you out at one of the workshops we run here in Vegas which brings me number five if you never learn to manage your time you’re never going to learn to manage your money and so the thing is is that all of us obviously have equal amounts of time that we’re given not necessarily in life but at least every day and so the people who get the best Returns on their money are the ones who learn how to best invest their time and so a big misconception around money is that money in my opinion is an encapsulated version of time and since all of us trade time for the money that we get then it means for each person money represents a certain amount of time and the wealthier you get it’s just that the denomination of money represents less time for you and so for someone else $100 may represent 4 hours for a wealthier person $100 may represent 4 minutes and so it’s a constant appraisal that you do on a regular basis looking on your calendar and saying what things do I have here that I could trade my time for for more money and so again this video is about making money overall I’m not saying that you can’t spend time with your girl but there is a transaction cost for that time and as long as you’re willing to make the the trade then trade it all day but the bad trades are the one that when you actually think about it in terms of what it costs you’d say I wouldn’t do the trade that’s a bad deal and so over time if you continue to trade up how much time you invest for what it makes you you will always make more in your income year after year after year number six check your bank account before you check social media first thing in the morning and if it hurts you to check your bank account first thing then you need to do it even more because for me I started not knowing where my money was going and so I had a friend who was like dude just look and I honestly had anxiety looking in my bank account looking at what money was going out and all that kind of stuff and so I started making that habit and I had to confront it but the crazy thing is is as I started looking at my money as I started paying attention to my money my money started paying attention to me and hanging around and so Peter drer said what gets measured gets managed and so one of the most fascinating things that I found with human behavior in any kind of change is that the first thing that you can do to improve any metric for any skill is to actually measure it and so if you want to lose weight if you weigh yourself every day no how matter how painful the number is that intervention alone helps people lose weight you don’t even have to talk about diet you don’t have to tell someone to exercise if they look at the scale every day they become aware of it and when you become aware of a problem you start consciously or subconsciously making moves to change it you have that hesitation before you put that food in your mouth you have that hesitation before you take your wallet out when you’re looking at your bank account every day it doesn’t matter what it is whatever you’re trying to improve but look at it confront reality and then reality will start to improve and if you’re curious how long do you still check your bank account every day and I the honest truth is I stopped checking when we had about 20 million bucks um and so that started when I had in the hundreds to thousand dolls uh and continue to check every day and when I stopped checking it was that I realized my daily fluctuations in in Market movements and things like that across my assets uh it like I didn’t I I basically wasn’t able to really see it on a daily basis so I had to start extending my time Horizon for when I would check it so it’ be monthly or quarterly that I started checking it uh because that way at least I know I should have some movement upwards and that is something that if you’ve done checking your bank account every single day four years you start to already have developed some of those disciplined skills which then you can delay gratification of having saved money for a day to having saved money for a quarter number seven learn how to make money before you start trying to learn how to make money make money so I see so many guys especially young guys who are like I’ve got a th000 bucks how do I invest $1,000 they’re trying to figure out a way to get that $1,000 to compound they put it into a compounding calculator and they’re like man if I get 50% returns for the next 40 years I’m going to be a billionaire but the thing is is that one it’s most likely that you’re going to buy a Dogecoin and then it’s going to tank and then you’re just going to lose your ,000 and be like wow think about this I just worked for two weeks or one month to save that ,000 and I lost it in seconds so alternatively if you take that $1,000 and you put it into how do I make more money how do I actively improve the actions and skills that I have that will get you far more and that is where you invest time rather than how do I make money make money cuz let’s be real you don’t have much so take the money you have into the skill the flow of making more money rather than trying to take this tiny thing and going from a 10% return to a 20% return because the hundred bucks extra that you yield on that ,000 I promise you if you learn how to add 50% to your skill set it’ll take whatever your annual earning is up by 50% and that’s going to be a hell of a lot more than 10 and that’s assuming everything goes up this year which one out of four years it doesn’t when you say you don’t have time just immediately think to yourself I’m lying this is because every single person has between 5 to 9:00 a.m. and 5: to 9:00 p.m. every day of the week even if you have a 40-hour job even if you’re a full-time student because everybody has those eight hours per day now the thing is is that we’re not willing to make the trade-offs because we have these things that make us comfortable cool if you reframe that thing as the thing that makes me comfortable today is the thing that’s going to make me uncomfortable for a decade all of a sudden the cost of that Comfort goes up and so then it flips to if I can become uncomfortable for to day I can be comfortable for decades and so then you can seek out those eight hours and say you know what I’m going to flip this thing and here’s the crazy part about work work makes you money in two ways one you work and you make money and secondly when you’re working you’re not spending money and so when you’re starting out you literally have a double effect the the money that you’re making the whole way through is stacking up because there’s no drains on it either and so one of the biggest advantages you have is that you stay busy one of the keys to investing is patience what is patience patience is figuring out activities to do in the meantime think about it for a second unpack that patience is figuring out what to do in the meantime so then if the goal is to get rich and we know that that takes time and it takes time for money to compound and grow then what you do in the meantime is that you work so that you have even more money to invest and that money has the time to invest in compound while you’re working and I am so passionate about this because this isn’t something that I didn’t do right like when I had my job in the beginning I just wasn’t really taking the time that I should have and then I was like you know what I don’t want to do this thing forever I got to get ahead but I couldn’t stop doing my job so I started spending my mornings and my evenings every day and both weekend days working on what I was going to do next and in the beginning that was studying for the GMAT cuz I thought business school was going to be the next move but after studying for the GMAT and crushing the test I came to another realization which was I’m going to go to business school cuz I want to start a business well you know what it’s going to cost me less than two years and $180,000 plus what I didn’t make during the two years of not working I could probably net $10,000 a year of income which is what the average business school person graduated with when I was looking at business school and I was like I think I could get to 10 grand a month if I had 2 years to work and didn’t spend 180 Grand and I took that money and just put it into a business now you’re like well you didn’t even have 180 Grand you’re damn right I didn’t I was able to save up 50 and I was like I think with this 50 I’ll be able to spend it to learn enough to make 10 grand a month and that’s what I did nine if you don’t know how you can lose money in something then you’re going to lose it think about this for a second if something looks amazing and you’re like dude there’s no way I can lose money on this you’re absolutely going to lose your ass because of how little you actually know and so you have to figure out one what is my downside and all the different ways that downside can occur and then attach a reasonable likelihood that that happens and then probably multiply it by three because whenever you have your rosecolor glasses on you’re an entrepreneur or you want to be an entrepreneur one of the quintessential traits of Entrepreneurship is optimism we are optimists we think it’s all going to work out and you have to have that level of optimism to start but when you start you can’t continue to have that optimism around every other opportunity because then you are going to lose your ass because you’re going to be split between multiple things and so if you don’t know how you can lose money you absolutely will because it just is an index of how little you know 10 the biggest cost that you have is ignorance so every single month you’ve got your rent you’ve got your food you’ve got your clothes you got your car you got whatever else you spend and you think that’s my fixed costs years ago I was sitting in the audience and I saw a man write a million dollars on a whiteboard and he called someone from the audience he said how much do you make per year and they said $50,000 a year and he said would you like to make a million dollar a year and the person said yes and then he put a minus sign he said did you know that it’s costing you $950,000 per year to not know how to make a million dollars a year and it was such a light bulb moment for me that I realized that the cost of ignorance is the difference between what your goals are and what you have today because if you knew how to achieve your goals the difference is the value of that education and conversely the difference is the cost of that debt debt of ignorance and so the number one priority in my life has always been to pay down ignorance as fast as I possibly could using whatever currency I needed to so if that was relational Capital that means using my network or doing favors for people or paying money which is the least efficient way of doing it I would try and find a way that I could pay down ignorance to achieve the things that I wanted so I could get the information so I could get the learning when I started um I paid to get into room so I paid $25,000 $35,000 and you’re like wait I don’t have that right now I get it well you pay $110,000 was the first thing I ever bought that was information based that’s what I was the first thing I ever invested and how was I able to do that because I had save for two years and I’d save 50 Grand up and so for me I was like okay this is the direction I’m going in I’m going to invest in learning and when I got in that room the first room I was in was a gym owner room and I didn’t have a gym and I paid to be in that room so I could start the gym the right way when I paid to the $25,000 room it was an internet marketing room and guess what I didn’t have an internet marketing business but I paid there so I could try and learn how to do it the right way rather than try and start at the wrong way and have to fix it and so I think a lot of people wait too long to try and learn I always want to grab my future and pull it towards me and so I was willing to spend as much money as I had available to me to make those bets because it was a bet on me and I knew I would never lose that you can’t lose you you always have Diamond hands on you like till the day you die you’ve got you and so the thing is about investing in education is that sometimes the lessons you learn aren’t the lessons you expect to learn but you learn them nonetheless and so sometimes you go into an education thing and you don’t get what you thought but you still get something and it was still more than what you paid and so when I went into those rooms I’d already used up all my money to get in the room so I was like okay what else do I have and so at the time I knew how to sell and so I just went to every single person in the room and was like can I help you sell stuff and so they’d be like well sure my sales team sucks or sure my my script sucks or sure my offer sucks or I don’t know how to overcome these objections and so I would spend an hour two hours three hours on the phone with these people training their teams writing scripts and they were like dude thanks so much this is wait I can’t can’t believe you did all this and the thing is is that if you’re going to pay for help from someone pay in full don’t half ass a free gift and so if you’re good at something you’re good at a skill you’re an accountant you don’t do one page of someone’s taxes if you’re going to do a favor you do the whole thing you treat them like they’re a paying customer and then they will respond as though you have paid them and so it will be like you’ve given them money and then you will get that reciprocity and at the time when I did those favors all those people I didn’t know what I was going to ask for I just knew that I would need someone’s help in the room and I’d rather have more phone numbers I could call for help that owed me one than none and when I wanted to make a webinar I called one of the people who’s good at webinars when I wanted to run ads I called the guy who’s really good at running ads when I wanted to uh figure out funnels and landing pages stuff I called the guy who was really good at funnels and landing pages CU each of those guys wasn’t good at what I was good at and so we are able to barter which by the way still to this day is the most efficient form of trade because Uncle Sam don’t take any piece of it for us or them everybody wins 11 there’s two types of things that you can learn and so if you’re trying to pay down ignorance you got to know what you’re buying so you can learn about something something that exists that you didn’t know existed and then you can learn how to do something and so one is called declarative knowledge knowledge of existence the other is called procedural knowledge which is knowing how to do it and so if I explain to you that private Equity exists and this is how you can buy package and sell a business for a lot of money now you know about it which is a prerequisite for learning how to do it and so when you buy into access to networks to people to relationships the primary thing that you’re learning is learning about things that exist they’re going to tell you Tax Strategies investment strategy marketing strategy sales strategies business models that you haven’t heard of that is what you learn there but if they tell you those things you leave and you get excited but then you’re like well shoot how do I do it which is the second thing that you learn how to do which is the how part and so when you’re going into any kind of investment whether you’re investing time you’re investing trade you’re doing some work for someone so they do work for you back or you’re investing money you better be sure what you’re buying and the interesting thing about those two types of knowledge is that the declarative knowledge tends to teach you things that you didn’t know existed it’s the unknown unknowns that is why some of these are the biggest breakthroughs when you get into those rooms with someone making 10 or 100 times more than you they see the world in a different way whereas when you go for how to it’s more predictable what you’re going to get because you’re specifically trying to learn how the skills you know it exists and you just need to clarify the steps to getting there and so just delineating what you’re trying to learn will help you actually learn it so the first time I learned declarative knowledge was that Facebook ads existed that was in 2013 and so I learned how they how they worked and I learned just enough to make them work so I learned declarative knowledge that they existed and I learned how to do them in one weekend super valuable now I was able to ride that skill set for a couple years until I was like you know what I need to learn how to do this at a bigger scale I wanted to go National with started gym launch do the turnarounds and so I was like I need somebody because I had only run local ads which by the way are much easier than National style ads and so I tried to go all around asking people for help and at this point i’ probably used up the relational Capital that I had before so I called a bunch of agencies all of them said they were going to charge me too much money that I could afford and then finally I just asked one guy hey instead of your monthly rate of $5,000 a month which I couldn’t even come close to affording at the time I was like can I just pay you per hour now of course he said I don’t trade my time for money except of course he works over time and then he gets money later but sure anyways he doesn’t trade time for money when I said it’s America everything’s got a price and he said you know what 750 an hour I’ll do it and I was like done now mind you 750 an hour was still a ton of money for me and so I showed up like it was Harvard on steroids for these calls cuz I I would prep for the call I had my notes out I recorded it I was like I had two people in the room be like make sure I don’t miss anything right and so I would go and I had him first document the process of what he did to run ads as though he were me then I had him demonstrate it so he clicked the buttons so I could see what he was doing and I had him stop and explain to me each of the steps so I could put it into my little checklist too and then finally I duplicated in front of him which means document demonstrate duplicate I then did in front of him to make sure that I was doing it right and so once I did it right and I did it right multiple times in a row and I didn’t need him to to to correct me while I was doing it that’s when I had mastered the skill it took me eight sessions so it took me 8 hours and whatever that is times 7:50 in order to learn 12 a watch isn’t going to replace work a Rolex isn’t going to replace reality and so what happens a lot of times when you’re coming up is that you want to get status right you feel downtrod and feel like no one respects you and that’s normal as a young man that’s what you do you don’t have any status that’s what you come into the world as and you got to go make it and so the thing that you want to do early on is get status as fast as possible the thing is a lot of times you trade shortterm status at the expense of longterm and so as somebody who has lots of young men in my audience and middle-aged men in my audience you’ll never impress someone who’s wealthier than you with assets you’ll only impress people below you so you have the wrong target audience because to impress poor people you outspend them to impress rich people you outwork them and once I understood this I was like oh the guys who are at the top of the game give me respect because they know I’m a future one of them because they know when they were my age they doubled down on the hustle not the Highlight Reel and that overspending on status happens at every level so in the beginning it’s a watch right and a little bit later it might be a car payment and a little bit later it might be a really big expensive car payment and then it might be a really big condo and then it might be a really nice house and then it might become a yacht and then becomes a jet and the thing is is that you add zeros to it but again you only impress the people underneath of you not the people above you and if you want to impress the people underneath of You by all means do it but know that that’s what you’re about by time like a rich person buy stuff like a poor person and so when you’re thinking about time being the most valuable thing if you’ve already dedicated yourself to working and earning an income and learning the skills then you just want to pour as much time into that as you can and so fundamentally you’re buying your time back your lowc cost time or low income time so it’s prepping food going grocery shopping cleaning your house whatever else you do with more income earning time I remember the first time I closed a $500 sale at my gym I realized that that sale took me 30 minutes and I knew that for me to buy groceries for the whole month four times would take me $500 and far more than 30 minutes and so I thought to myself my God if all of that time I was grocery shopping and and food prepping and and and and cleaning up after myself and then doing laundry if all of that time I could just sell more in a couple hours I could do all of that stuff for free and my poor mind was like Hey That’s wasteful you could be doing that stuff on your own but you buy time like you’re rich you spend money on stuff like you’re poor so buy time not stuff because when you buy time you can replace the money you bought it with and some let me put some real numbers to this so the average American spends $1,500 a month on 96 hours of work and that breaks down roughly to cleaning their house cleaning their clothes buying food preparing food and cleaning food I’m not even to get into the 4 hours a day that the average person spends on social media and watching television you’re going to keep doing that so I’m not even going to try convince you not to but if you just replace those things that you probably don’t want to do it cost about $1,500 per month and so as long as you make more than $15 per hour because it cost about 96 hours to replace those activities which means if I can replace 96 hours of work for $1,500 and it’s also 96 hours of draining work like it expends energy it’s not like you just sit there for 96 hours you’re actually getting actively tired from doing that stuff if you took that same thing and if you make more than $15 per hour in your active job it makes sense it’s The Logical decision for you to buy that and then go make more cuz you’re also going to make money twice not only are you going to save the time and then work and make more but you also get better at your job because all of those extra hours aren’t just making you more money you’re also becoming more skilled so you get better faster and so if I have a year-long guy where he spends $1,500 a month to replace all of those things at the end of that year not only does he have more money at the end of the year but because he had extra 100 hours of high energy time that he didn’t have to spend per month he’s getting 50% better per year and so that assumes that he doesn’t get rewarded in his work for getting better which by the way in reality you typically do as long as you ask who you compare yourself to not who you spend your most time with will be the highest predictor of how much you make and so we are motivated by the things that we lack and so if you are very hungry it’s because you lack food if you lack sleep you’re very tired you’re very motivated to sleep and so if you want to be motivated to make money it’s not enough to not have money you have to have a desire to make a lot more money and the strongest way to create that desire is to visually see the people who are making far more than you and so it’s about who you compare yourself to not who you spend time with fundamentally the richest man in the world only spends time with people poorer than him but he continues to get richer because he’s comparing himself to the the future version of himself that’s his reference point that’s his reference grip and when you start out there’s real people as you evolve it becomes imaginary I heard this quote from one person to another when I was walking through the street and it was talking about buying something that was a no a no return investment let’s call it a big toy and he said there will always be time to make money later and I remember hearing that and thinking that’s what someone who’s poor says and so to be clear I think if you want to enjoy life by all means do it this video is about making more money that’s the stated objective and so that’s what I’m talking about and so the idea that you’re going to spend now work later is the fundamental Crux of poverty and so you have to break that with all your heart and when you have those people around you and this was a toy but it could be let’s go out we it always comes under the guise of YOLO we have to live life but everyone who says that assumes that getting better and learning is not life and is not living and for me the purpose of my life is to learn as much as I can and pay down ignorance as much as I possibly can and squeeze the last drop of potential out of me that I can and the way that I do that is through learning and so for every person that asks you to sacrifice working now so that you can have fun now just make sure you know the trade you’re making I’ll be real with you there’s no perfect way to live your 20s or even your 30s you either end up an under skilled 30-year-old or 40-year-old or an underlied 30-year-old or 40-year-old and so fundamentally it’s not either or but knowing the trade-off and living with the consequences because you can’t do them over and on a personal note I sacrificed or said differently invested my 20s in in order to have lots of skills and underlied but in that same time period I built to where I am now and I genuinely am very happy with where I am now in life and I would not redo those years to have quote lived more because the real secret is as I was doing it I loved the game and so some of the best moments of my life when I look back were some of the moments that I felt like I was struggling the most because it was when I underwent the most growth and so it’s interesting because the pain that you go through in the moment often becomes the purpose that you look back on in your life and so the idea that we want to avoid pain so that we can live today I think conflates reality because when you look back on your life a lot of times those are the things that define you and so we should be seeking those out not running away from them so if you’re not sure who you compare yourself to versus who you spend time with when you’re about to make a big decision the people who come up in your mind who you’re weighing their opinions on your decision those are your reference group people the people whose opinion you care about and so if all your friends for example are billionaires and they all sacrific their 20s got rid of their friends got rid of their material belonging spent all their time working for free so that they could learn this big skill set and then double down in their late 20s and then made it big by the time they were in their 30s and 40s those people if that was your reference group if you’re thinking about leaving home what do you think that reference group is going to say for sure and because of that you’re out the door and so whenever you have these moments where you are like I think I should do this but whoever that person is whoever that voice is if they don’t have what you want don’t listen to what they say only listen to other people’s opinions about your life if their dreams for you are bigger than yours if they’re not disregard invest then spend the rest so the idea is that you invest first and then spend what’s left over and so an interesting thing is that Switzerland has the highest per capita millionaires in the world without having the highest GDP or even GDP per capita and so how are they able to do that that means that they have different rules around money which is what this video is about and so if we adopt those rules we can get those outcomes which means these are just decisions that we get to make and the easiest way to do that is you take what you need off the top and then you spend the rest on what you want and so it comes down to saying that you need your future you need your future self to be bigger than your current self today and so you invest first and then you spend the rest and so the way that I like to think about this is 16 this is how we operationalize this which is automate investing and then create friction around spending and so you want to take the money off before you see it if your job for example has a way that they can automatically skim off your paycheck and put it into some sort of investment stuff do it if they don’t have that have one of these apps that does segmentation or has multiple bank accounts that you can say this automatically goes here this automatically goes here and and I don’t touch this and if you want to get real crazy the advanced version of this is that as you make more money you keep what you’re living the spend the rest part instead of making it a percentage make it a fixed amount and then as you make more you’re just investing more and more and more into the future now you’re like well how do I invest in the future if I’m just starting out the future is you but you’re making sure that when you’re investing that money you know whether you’re buying declarative knowledge or you’re buying procedural knowledge you’re learning about stuff that you need to learn or you’re learning how to do it and the longer you do this the easier it gets for the record I have zero Lamborghinis zero Rolexes zero Jets while also being able to buy multiple of these every single month and so the idea is you start to become addicted to getting good and once you get that first little reward of seeing an investment that you made in yourself start paying off you see your income go up you start making more money you’re like oh my God this game is awesome and so that flow of investment that comes to you is one of the best games that you want to win for yourself you want to just keep seeing keep making cash flow PRS keep making that investment account PR and hit records in that account and if you get addicted to that game if you can just do that from everything in this video you’ve already won and so you want to automate deposits and manualized withdrawals so everything that is automatic in terms like your rent you want to write it as a check if you or drop it off as cash if you have payments that you make like a car payment as much as you’re like wait this is going to cost time the value that you get back for knowing exactly where you spend your money is going to make you more money than the one hour a month that you have to pay your bills that is a promise and so that may also mean if you make it difficult to buy well then maybe you delete some of the apps on your phone maybe you don’t save your credit cards on the sites that you tend to spend money on you want to make it as hard as you can to spend money and make it as easy as possible to stack it number 17 it’s easier to make a million dollar than it is to make $100,000 and let me explain if I told you to go down the block you would go at a certain speed if I said go as fast as you possibly can at some point you’d run and then you’d improve your form and you get better Footwear and then You’ change your clothes but at some point you wouldn’t be able to run any harder or any faster to get there but if I said I need you to go five blocks you might be like huh okay now some people will then try to walk or run that but the Smart Cookie then says huh I could take a car and I would go a hell of a lot faster and if I’m speeding in my car I’ll probably get to the fifth block before the other guy gets to the end of the first block and so the magic of thinking bigger is that you change your solution said meaning you use different tools to accomplish the objective the reason $100,000 per year is the hardest amount of money to make is because it assumes for most people that they will trade their time in terms of hourly wages or salary and traditional work in order to get it and so they have to spend all of their time in order to make $100,000 but if I said make a million or even 10 million before the world explodes you would know that you would have to use a different way of solving that problem and so the reason it’s easy I to make a million doll or $10 million is because you can do it in less time with more skill if you start solving for the skills required to make a million or $10 million you don’t want to love money you want to learn to love making money so there’s two misconceptions and then one truth around this the first misconception is money is the root of all evil and then that obviously is a quote from the Bible 1 Timothy 6:10 the 2011 version someone says no it’s not money that’s the root of all evil it’s the love of money that’s the root of all evil but that’s just the 2011 version the actual translation there’s five translations for it and four of the five are the love of money is the root of all kinds of evil meaning if you desire money more than anything else then you will commit the other sins in order to attain it and so the idea is that it’s only a pathway that has a high likelihood of causing you to do things that are unethical or immoral and so there’s this huge terrible Paradigm in society that money is somehow good or bad it is just potential energy it’s just bottled time and that bottled time can build bombs that bottled time can build hospitals it can build Wells and can build schools it can make YouTube videos that educate and so the idea that you’re afraid to make money means that you’re afraid of having power and maybe you should be afraid of having power because maybe you’d misuse it but if you do want to help the world then all it’s going to do is amplify your ability to do that and if you have that mission on your heart or in your mind then it’s your duty to remove everything else in your way to go get it the more money you make other people the more money you make and so the amount of money that you will be able to make in your career comes down to three variables number one is the value that you’re able to create in total for all of the people you create it for times your ability to negotiate how much of that value you’re able to get times number three which is the amount of other people who can also create that value and you have to have all three because for example if you develop a skill of sales and you can create millions of dollars in value for a company and you’re really good at negotiating then in theory you’d get millions and millions of dollars from that company but if somebody else is willing to work for a few $1,000 a year in order to make that value then your position disappears and so that gives us the blueprint for making money is that not only do you want to be able to create that value you want to be able to create a value in a way that no one else can and the way that you do that is not by in my opinion learning some incredibly secret unique skill what makes skills unique is the skill set it’s the stack of skills together that create the uniqueness if someone else has to try and recreate something I could do they would have to have lived my life and so your life and the time you spend becomes your competitive Advantage it becomes your asset it becomes the moat that other people can’t chip into they’d have to go through being a competitive Fitness person and then go through owning lots of gyms and then go through doing turnarounds across the country and then go through doing a licensing business and then go through making a supplement business and then go through launching a meal prep business and then also starting a software company and then going through an exit for both and then starting a private they’d have to do so much stuff there are so many skills that are required your time is your weapon if you invest it wisely and the one thing that I would leave you with is that money loves speed wealth loves time poverty loves indecision if this stuff was valuable for you and hopefully it helps you avoid losing all your money twice like I did uh I have a video on Leverage and wealth creation that you can check out it’s I think the number one video on this channel and it’s one of the fastest ways to compound wealth if you poor and you’re just getting started or just want to start in a business I have brutally honest advice to my younger self that a lot of people seem to have really found value in

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