Category: Youtube Finance

One of the questions that I get asked the most is where should I invest first? Should I focus on my 401k, a Roth IRA, a taxable brokerage account, real estate, an HSA, a 529 plan, etc. So, in today’s video, I’m going to give you my opinion on what’s the most what I’d say optimal ordering to get the best bang for your buck. So, I know that this won’t be a one-sizefits-all, but honestly, it’s probably going to be applicable to most people. So my disclaimer is please understand that everyone’s financial situation is different. Tax brackets are different. Income is different. Some people have children, some people don’t. Some people have access to an HSA, others don’t. So this is going to be my opinion. You can think of this as a framework. So let’s begin. The first priority in my opinion is not investing at all. It’s about protecting you financially. So, I’ll say that before you try to maximize returns, you need to make sure that you have an emergency fund. And I’m being dead serious. So, imagine your car breaks down, you lose your job, your AC stops working, you have an unexpected medical bill, you know, something with your kids. You know, kids are always expensive. If you have absolutely no cash saved, then you’re probably going to be reaching for a credit card, right? And then what’s going to happen? You’re going to be paying 23% interest. So, the very first thing that I recommend is building an emergency fund. And it doesn’t have to be 6 months or 12 months worth of living expenses because if you’re in this situation, like you’re in this position right now, then you have to remember that you’re just getting started, but you want to move this one in the right direction. Like, this should be the priority. No joke. And whatever you build up will help cushion the blow or cover that unexpected expense. And that’s going to be better than having to liquidate your stocks or your retirement account, especially at a bad time. So once you’ve done that, now we can move on to investing. Now the second thing that I would do is capture your employer match. Like take full advantage of this one. If your employer offers a retirement plan, let’s just say a 401k, a 403b, or a similar plan, and they’re offering a matching contribution, I’m telling you, take advantage of it. So like if your employer says we’ll match 100% of the first 5% that you contribute, then that’s going to be an immediate 100% return on your money. And there’s going to be very few investments that can compete with that rate of return. So before worrying about picking the perfect stock or timing the markets, I’d say go for the free money. Now, I’m not saying that you have to max out the entire accounts right away. I’m simply saying that contribute enough to receive the full employer match. Like take advantage of that. Now, the third thing that I would do is pay off highinterest debt. If you’re paying 23% interest on a credit card, which is the national average, and you’re hoping that your investments earn you 10%. Then the math doesn’t work out. I mean, it’s crystal clear. You’re making 10% pre-tax with your investments, and you’re paying 23% on the money that you owe. Now, if you pay down your high interest debts, it’s like making a guaranteed 23% return on investment. So, that’s very difficult to beat. Now, I’m talking specifically about highinterest debts. Like, we’re talking about credit cards, certain personal loans, like things like that. So, I’m not talking about a low rate mortgage. Like, those are completely different conversations. Now, the fourth thing that I would do is to build a fully funded emergency fund. So there’s debate whether that should be 3 to 6 months of necessary living expenses. Some people want a bigger cushion. Some people want 12 months. But once you’ve completed this quest, now it’s going to be time to strengthen your financial situation, your foundation. So if you have a healthy emergency fund, then it’s going to mean that you’re less likely to sell investments during a recession or stock market corrections. So, you’re going to be less likely to panic, less likely to borrow money with high interest rates. It’s basically going to give you more options. And in personal finance, options are valuable. Now, the fifth thing that I would do if you’re eligible and it makes sense for you and also depending on you and your family, it would be to max out your health savings accounts, also known as an HSA. So, personally, I have an HSA. I think that the tax benefits are OP. They’re overpowered. So, listen, I’m going to be straightforward with you. Honestly, I believe that this is one of the most underrated investment accounts available. Okay? Why do I say that? Because an HSA receives what many people call triple tax advantages. You get a tax deduction when you put money into the HSA. When you contribute, your investments grow tax-free and qualified medical withdrawals are also going to be taxree. So, I’ll tell you, I believe that is an incredible combination. Even if you’re healthy today, like healthcare expenses eventually arrive for almost everyone. But because of that, I think that an HSA deserves serious consideration before many of these other investment accounts. That’s just my opinion. Now, not everyone qualifies. You generally need to be enrolled in a high deductible health plan, but if you do qualify, I’m telling you, it’s worth looking into. Now, the sixth thing that I would do is to max out your IRA. And honestly, if we’re talking about IAS, I would max out the Roth IRA. that like that would be my priority. And if you make too much money, you can always do a backdoor Roth IRA like that. You always have that option. I’m not going to deep dive into the whole taxation issues when a traditional IRA has a mix of pre-tax and after tax money. Like that’s for a different video, but for many people, you can contribute directly into a Roth IRA or backdoor it. Now, when you put money into a Roth IRA, okay, so there’s going to be pros and cons. The con is that you do not get a tax deduction for contributing to your Roth IRA. However, the pro is that all the principle and growth is going to be tax-free when you take it out at retirements. So, that’s why it’s a huge advantage if you get your Roth IRA started early. And I mean, I want you to think about that. Imagine that you have 30 years, you have 40 years of gains growing tax-free that you’re going to have at retirement. So that’s going to have built up so much more if you’ve only been doing it like you got started and you did it for 10 years or 20 years obviously. Additionally, if you make direct contributions to a Roth IRA, then you can withdraw your contributions at any time tax-free and penalty-free. So a lot of people don’t know that. Like for example, if I put $5,000 directly into my Roth IRA and it grows to $5,200, then I can take out that $5,000 like my initial contribution tax-free without any tax liability or penalties. So, it’s going to be the $200 of growth that would be subject to tax and penalty. Now, the seventh thing that I would do is to go back and continue funding your employer retirement plan. So that might be your 401k, your 403b, could be a TSP, etc. So the reason why I didn’t place this ahead of the IRA is because many IAS, they offer a larger selection of investment choices. There’s also lower costs with an IRA. There’s greater flexibility. But I’ll just say listen, every every employer plan is different. You know, some are excellent, some are terrible, but generally speaking, after the IRA, I would return to funding the workplace retirement account. Okay, here’s the eighth thing that I would do. Now, we can start talking about a taxable brokerage account, and the focus is going to be on the stock market with this account. Now, unlike retirement accounts, there’s not going to be any annual contribution limits. There’s going to be many more investing options, of course, no required retirement age before accessing your money. So, it’s going to be much more flexible. Like, if you need the money in 10 years, then fine. If you need the money in 10 days, fine. Now, I’m not saying that there’s not going to be any tax consequences. I’m just saying that you’re going to have access to that money without being penalized. And of course, you’re going to have many more investing options, like more choices, like you want to buy silver, you want to buy gold stocks, you want to buy crypto, dividend stocks, tech stocks, growth stocks, ETFs, like if you want to layer in options, like you’re going to have so many more options. Now, here’s my advice. If you’re going to invest in a taxable brokerage account, then you should really be focusing on long-term capital gains. Also, if you didn’t know, if you don’t have much income, the long-term capital gains tax rates is 0%. Like, no joke at the federal level. So, tax a taxable brokerage account is going to become an excellent tool once you’ve taken advantage of your tax advantage accounts. Now, step number nine or the ninth thing that I would do is that if you have children, you may want to consider a 529 plan. So, if you notice, I didn’t place this one higher on the level of priority. That’s because not everyone has children. and maybe the children are older or not everyone has plans to help pay for college. But if education funding is one of your priorities, then I’ll tell you that a 529 plan is going to provide tax-free growth and dispersements if used for qualified education expenses. And I want you to know that some states will give you a tax deduction for your state income taxes for your contributions. Again, this becomes more about your goals because not everyone needs one or wants one. Now, moving on to step number 10 or the 10th thing that I would do is real estate. And I’m not talking about your primary residence. I’m talking about investing in real estate. So, this is where opinions begin to differ. So, some people believe that real estate should come much earlier, like on the priority list, especially like if you’re in the industry, then you know, you’re more inclined to say that. Others prefer investing, you know, exclusively in the stock market. But listen, like I said before, there’s going to be pros and cons. I place real estate lower on the priority list because in my opinion the stock market is just going to be cleaner. It’s going to be more convenience for most people. So the stock market is more liquid of course like if you need money next week in the stock market you could sell your position and have your money in your bank accounts within a matter of days, right? And it’s not going to be so easy with a property, of course. And then you have tenants causing problems or complaining and you know that like those expenses or whatnot may come out of your pocket and of course it’s additional stress. But I’ll tell you that real estate offers advantages as well. Rental income, potential appreciation, leverage, tax benefits, but it’s also going to cover responsibilities. We’re talking about maintenance, vacancies, property taxes, insurance, unexpected repairs. At the end of the day, I mean, it’s a business and if you want to hire a management company, well, of course, they’re going to charge you. So, listen, I generally recommend building a strong financial foundation before taking on those additional responsibilities. But personally, I have rental properties after years of going through it. I’ll just tell you like I’m going to give you my honest opinion. Like I’m just no longer a fan of residential rental properties. Like I I don’t I don’t want to sell them, but I’m debating whether I should get into retail or not. Like we’ll see. But just residential rental property, not so much. Another option is to buy REITs, real estate investment trusts on the stock market if you want real estate exposure. I might just do that. Anyways, moving on. Finally, you have private equity and other alternative investments. So, these have the potential for much higher returns, like ridiculous returns, but they also come with much higher risk. Like, beware. They’re often going to be less liquid. They’re going to be more difficult to value, and sometimes your money is going to be locked up for years. So, that’s why I think these belong near the end of the financial order of operations. Build your foundation first, and then you can venture into more high-risisk, high reward investment opportunities. Listen, we currently live in an era of a 5-second attention span and people wanting to get rich quickly. You know, not everyone, but so many other youngsters these like, you know, like but building wealth, it’s not about finding one incredible investment. Like that’s just my opinion. It’s about consistently making good financial decisions over the long run. you know, getting your employer match, taking advantage of tax benefits, avoiding unnecessary debt and, you know, very high interest rates that you’re paying and invest consistently. And I’ll just say, let the compounding do its thing. You know, those decisions, like what I just said, they probably aren’t exciting, but they’re effective. Listen, I’ll tell you that if you take this advice and you’re disciplined about it, your friends, your family, co-workers, they’re just going to be blown away in the years ahead. you’re probably they’re most likely going to be jealous of you, you know, secretly and then they’re probably going to ask you for some money. So, if you actually do this, I’ll just here’s my advice. Don’t advertise to people how much money that you have. You’re just setting yourself up for problems, unless that’s what you want. Now, if you’re a long-term investor, then I encourage you to please check out our financial community on Patreon. You can see what I’m investing in. You can chat with me and others in our private chat room and Discord. You can get your questions answered. So, I’m going to leave a link for you down below. Thank you so much and I wish you a very nice day.

If you don’t want to be like everyone else, broke, stressed, and stuck on a hamster wheel, focus on making your first 100k. As someone who grew up broke and is now a self-made multi-millionaire, I can tell you that the first 100k was the hardest to reach. But once I did, everything else changed. So in this video, I’m giving you an eight-step roadmap to your first 100k. So if I had to start from zero, the very first thing I’d do is eliminate everything that numbs you. And let me explain. So ask yourself, right? What is motivating you to reach 100k? Is it your toxic job? Do you want to provide for your family? Or are you just tired of being broke? Now, all of these were my reasons, too. But whatever it is for you, I need you to marinate with that pain, right? And use that pain as a superpower so that you can stay focused and keep on pushing on this roadmap. So I hated working in corporate America. Super toxic coworkers, had to work 12-13 hour days, and the pain from that made me want to make a lot of money and be my own boss. And so TikTok and YouTube’s algorithm, it knew that, right? So it fed me a lot of content about making money and side hustles. And every time I watched these videos, right? I felt good about myself, even though I didn’t actually do anything. Watching people talk about success or how to make money, that alone temporarily numbed the pain and the drive that I had to make a lot of money. And this sounds weird, but without the pain, right? Without the drive, I was more willing to accept where I was, which caused me to push less and to slow down on my path to 100k. And the only way to stay focused is by subtraction, right? Not addition. Meaning you need to get rid of all the noise, everything that distracts you or slows you down on this path. The reason is being in this constant state and this drive, right? That’s what’s going to make the next step and all the other steps a lot easier. All right, so the next step is to cut three very specific types of expenses for two reasons. Number one is this is going to allow you to take on more risk, and number two, you’re going to have more money to deploy later on to build passive income. And we’ll talk more about that later. Now, you’re not going to hear anyone else say this, but I don’t want you to stop buying the little things that make you happy. An example, iced coffee. The path to 100k is long and it’s going to require work, right? And you’re not going to get there by cutting out all the little expenses that make you happy. Think about it, right? The more miserable you are, the more likely you are to give up doing whatever is making you miserable. So, my recommendation is following the Pareto principle to cut out very specific expenses. All right, so the principle basically states that 80%of outcomes come from 20%of inputs. So, in other words, you want to focus on the few expenses, right? The 20%that takes up the most amount of your paycheck, right? So, for most people, this would be housing, your transportation, and your food. Starting with housing, and I’m saying this as someone who went through this. So, after college, right? I chose to live at home and commute 2 to 3 hours round trip every day for years in order to save money. My coworkers, they didn’t want to live at home with their parents because it wasn’t cool. So, they rented out luxury apartments that were pretty much walking distance to work. If you can’t live at home, get some roommates, all right? You want to minimize your housing expenses for as long as you can. Next is transportation. Now, depending on where you live, you will have to have a car to get around. So, ideally you have a used car that’s fully paid off. Otherwise, look into carpooling or public transportation. Next is food. So, I used to buy a lot of food in bulk from Costco. I would meal prep on Sundays for the entire week, and my lunch came out to be like $2 to $3 compared to my coworkers who were paying $18 to get salads from Sweetgreen. The point is to stack up your cash flow as much as you can because even though you’re working and you’re making money, you’re probably spending most of it right now. Later on, we’re going to use this cash flow to increase your active and passive income. But, real quick, I built a free 100k roadmap that breaks out exactly what to do over the next 7 days to set your finances up. This is the exact process that got me to my first 100k and thousands of people have already used it, so I know it works. So, whether you’re starting from zero or if you’ve already got some savings going, this is my gift to you. It’s completely free. Link is in the description or go to vincentchan.co/roadmap. All right, the third step is to apply the 44 framework. I’m sure you’ve heard the expression before that time is money. Meaning, if you want to increase your money, you have to increase your time. Now, many people are going to immediately point to their 9-5 job, right? Thinking that this is what is taking up all of their time and it’s what’s preventing you from building wealth. But, the reality is it’s not your job’s fault, right? Everyone I know built their wealth while working a full-time job. I built this YouTube channel while working 12 to 13-hour days in corporate America. So, disconnect the idea that your job is the problem. Instead, let’s look at your schedule. All right, so when I worked a 9-5, technically mine was like an 8-9 or 10 or whatever, but let’s just go with the standard 9-5, all right? If we follow the 44 framework, that means that you have two blocks of 4 hours that are currently unaccounted for. Your 5-9 in the morning and your 5-9 in the evening. Now, you can choose to unlock those 4 hours by waking up earlier or by sleeping later or unlock 8 hours by doing both. This is what I personally did for about a year, right? I did both, including also working on the weekends. Um, but I’m going to be straight up, this is going to suck and you are going to definitely need the pain that we talked about earlier to actually push through this. Once you’ve identified your chunk of time, just hold on to that. We’re going to come back to it later on. Now, the fourth step is to focus on your 9-5 job. Now, I know everyone wants passive income immediately, right? But, the truth is you can only build passive income if you have enough money coming in from active income first, right? So, that’s your 9-5 job. And then you use some of that money to build that passive income stream. The thing you need to know that it’s pretty common for employers to pay their workers the least amount of money possible where it’s just enough that they don’t quit. Like, how many people do you know that haven’t gotten a raise in the past few years, right? Or if they have, it’s like a 3%raise, which is less than the rate of inflation. So, essentially you are getting paid less than you did the prior year. So, here I recommend two things, all right? Number one is have the conversation with your boss. Find out what similar roles are paying with Glassdoor or Indeed. And then when you have the conversation, come in with a folder of all your accomplishments when you ask for the raise. The worst your manager can say is no, and if they do, you can consider job hopping for either more money, a new title, more responsibility, or a growth opportunity. Ideally, all of that. These conversations are never easy, and it’s something that I struggled with in the very beginning as well. But if you think about it, right? Having this 15-minute or 30 minutes of uncomfortable conversation, that could be worth tens of thousands of dollars to you in the form of a raise. All right. Now, step five is to build another active income stream with the chunk of time that you identified earlier. And this is where things start to tie together, right? So, in business, you essentially get rewarded based on the risk that you take on. The riskier something is that you got to do, the more money you’re going to make. And you’re not going to be able to take on risk if you don’t have any time, if you don’t have any money, or if your expenses are really high, which is why we focused on saving time and cutting the expenses in the beginning. The goal here is to increase the amount of money that we can deploy later on to build our passive income. All right. So, in that chunk of time that you’ve identified, this is what you’re going to start doing, okay? And if you only remember one thing from this video, let it be this. You see, the way most people look into building another income stream is they come up with a business idea or a side hustle, and then they try to fit themselves around that. But the way to make it sustainable and make the most amount of money is to find a side hustle that fits around them. The easiest way to find out what that means specifically for you is grab a piece of paper and draw out three circles in a Venn diagram. In the first circle, write down the things that you do for fun. So, for me, I’m going to put down eating new foods, video games, taking multi-day hikes, home DIY projects, making videos, and telling stories. Now, in the second circle, write down everything that you are good at, right? So, for me, it’s personal finance, um cooking Asian food, uh Excel or Google spreadsheets. Put as much as you can here, um and then in the third circle, write down things that people will generally pay you money for. So, I’m going to put down consulting, right? Teaching or marketing and data analysis. The mistake that a lot of people make here is that they only look at one or two of these circles and then they think about a side hustle or business to start. For example, I love to eat and one of the first types of content I ever made was an ASMR video eating channel, right? And in the beginning, I absolutely loved it, but I wasn’t able to monetize that at all. So, I ended up hating that entire thing cuz I was spending hours doing this work, but I wasn’t making any money. In other words, if you have something that you love doing, but it’s not something that people will pay you money for, it’s fine. Just keep it as a hobby, right? You don’t have everything you like, which is why we want to focus on this area that overlaps, right? This is what I call the profit zone, where all three circles intersect. So, let’s say we have Excel and data analysis, right? So, these are what I call technical skills, um but we also have storytelling and socializing and video and stuff like that, right? That’s what I would call more of a soft skill. We can stack these skills up and be a data consultant, right? To help businesses or people make decisions based on data. Because this role requires one, you need to understand the numbers and number two, you need to be able to present a way that people can understand. Or what I’m doing right now, right? I like making videos, right? I’m good at personal finance and I’m good at teaching complicated financial topics. So, I started teaching people about money on YouTube. Stacking the right skills is what’s going to make you more unique in the value that you provide, which will allow you to be more consistent with what you’re doing and make more money over the long term. But finding your profit zone is only half the battle, right? So, I always see people get really excited about starting a business, right? And they either never end up starting or they give up too quickly because they think it’s a lot of work, right? From setting up and fixing broken workflows or spreadsheets and messages and trying to find tools to patch everything together. But here’s how today’s video sponsor Emergent can help. Let’s say you make the best cookies in the world and people pay top dollar to try them in your bakery. You’re taking orders through the phone, your website, your Instagram DMs and you’re finding that you’re spending hours taking orders and following up with customers when all you really want to do is make cookies. Here’s where Emergent comes in. All right, so I’ll simply ask you to build an order page where clients can select their cookie, the time slot to pick it up. You want to take the payment up front, and you automatically text these customers reminders the day before. Oh, and also show me all the upcoming bookings in one place. And in just a few minutes, Emergent automatically built this out. No technical skills required. And now you can focus on doing what you love. Check out Emergent with the link below and build your custom software simply by explaining what you want. All right, great. So, you have this additional stream of active income, which is great, but the truth is more income alone is not going to make you rich. Yes, earning more is a very important part of our overall path to 100k, but the next step is actually turning your active income into long-term wealth and passive income. This is where we want to build a passive income stream so that your money can make you more money while you sleep, which will help you get to your goal faster. Now, I always say no income stream is 100%passive, right? Everything requires a bit of work to start, but the idea here is to make your money work for you rather than only selling your time for money. Because there’s only so many jobs and and gigs that you can do in one week. And one of the lowest effort ways to build wealth and generate passive income is by investing in the stock market. Let’s say we can only invest 20 bucks a day, and we’ll use the S&P 500 as an example, um which has had an average return of 10%since the 1950s. If you invest just $20 a day, you would reach 100k in about 8 to 9 years. And if you want to get there even faster, cut more expenses, increase your income, and invest more money. If you want to start investing, the first thing is to decide how much of your income you’re actually going to invest every month. And you can start really small here, even $5 works. The next step is to decide what to invest in. The easiest for beginners is with index funds and ETFs. And I personally made a lot of money from simple long-term index fund investing, and it’s safe and it’s low maintenance. There are a ton of options out there, but again, the most popular one is the S&P 500, which includes the top 500 largest companies in the US, all packed into one investment. You can invest with whatever investing app you want. The main thing you want to look out for is that it offers fractional investing, which means that you can invest with as little as $5. I made an entire video on how to invest for beginners over here. I do a full walk-through step-by-step. I’ll also leave a link down below if you’re interested. All right, so the next step, and probably the most underrated one, is to avoid falling for lifestyle inflation. I have a friend who literally just graduated law school like a month or 2 months ago, and she has a 250k offer already in hand. She’s studying for the bar exam right now and doesn’t start working until October. But she already bought a brand new BMW and is already looking to move into a penthouse apartment. Now, some of you might be like, “Okay, she’s fine, right? She’s making multiple six figures.” But here’s the problem. Let’s take Benita and David. Both increased their incomes dramatically, right, into their late 20s, right? Benita goes from making 60k at 25 to 120k at 30. Same thing for David. But Benita kept living like he made 60k, and he was investing the rest. On the other hand, David started spending more money to match his 120k salary, right? A bigger apartment, a nicer car, etc. By the time they’re 40, right? Benita already has hundreds of thousands of dollars invested. David might not have anything invested, or worse, he has to pay all this new debt off from his fancy lifestyle. It might not seem like a big difference right now, right, in their 20s or early 30s, but in years, right, in 10 years, that is the difference between having to work until 65, 75, 85, or retiring early. Now, I’m not saying to live like a monk. I want you to enjoy your life, but you can set up a rule for yourself. So, for example, um my rule was whenever I got a raise or a bonus, I only increased the cost of my living or my life at most 10 or 20%of that raise. Everything else, I funneled that money back into my investments, my retirement accounts, um into my business, or into education. Remember, the goal here is to get to 100k as quickly as possible, right? You are going to need to sacrifice some luxuries in life now for a bigger reward later. It ultimately boils down to do you want to be rich, or do you want to look rich? Now, remember what I said in the beginning, right? Even though I have multiple seven figures now, it was reaching that first 100k that made the biggest difference and was the one that changed my life. And the reason for that is because of the critical mass theory. I want you to imagine rolling a snowball down a very snowy hill, right? When you roll it, it’s going to pick up more snow, it’s going to get bigger, it’s going to get faster, but you’re not going to actually notice this until it picks up enough snow first to reach critical mass. In finance, 100k is that initial critical mass. And here’s what I mean. If you invest 15k a year in the S&P 500 and assume a 10%annual return, right? Your net worth, you will have 100k in 5.36 years. However, 80%of that total 100k came directly from your cash contributions, right? Your active income. It’s that 15k that you originally contributed every year. And it’s only the other 20%that came from investing in the stock market. But once you pass that 100k critical mass threshold, this is when things start to get interesting, right? If you continue to invest 15k a year, you’re going to reach a net worth of 200k in 3.53 years. Then you’ll reach 300k in 2.64 years, 400k in 2.11 years, and 500k in 1.75 years. So, you can see, right? The amount of time it requires you to reach an additional 100k financial milestone gets smaller and smaller. Once you’re at a 900k net worth, it’s only going to take you 0.95 years to reach 1 million. And now, if we look at what makes up the total $1 million, right? 32%comes from your direct cash contributions or your active income, whereas 68%, right? Almost 70%of that is coming from the stock market alone, which is why going from a net worth of 900k to 1 million is nearly six times faster than it takes to go from zero to 100k. That’s why it’s so important to do everything you can to reach your first 100k, right? And the biggest lever to get there is by increasing your active income and building multiple ones. And that’s because if you think about your income streams like a chair, right? If you only rely on one, your 9-5 job, that is a chair with one leg. That one leg is holding up your entire financial life, right? If you lose your job, you get sick, whatever, then that leg breaks. And then there’s nothing else holding up your chair, which will impact the rest of your financial goals downstream, significantly delaying it. But if you have additional streams of income, right, whether that’s from a side hustle or business or passive income from your investments, right? You are essentially adding more legs to this chair. And the more you can add, the stronger the chair becomes. And even if you lose your job, right, one leg falls off or breaks, you still have the other legs. That’s important. Now, the single most important reason that the 100K changed my life is that that is when I realized my money started working harder than me. And it was also when I realized that I was able to start thinking bigger, right, start thinking long-term. And that’s what I’m trying to help you unlock, because I’m sure you have even bigger financial dreams than a 100K, but you cannot get to 1 million, 2 million, or more until you pass the 100K milestone. And that leads me to something that you’ve got to start accepting. And it’s that even if you were trying your absolute hardest to get a 100K, sometimes you might still feel like you’re not doing enough. And that might be because you don’t know all the financial accounts you actually need and how to use each one the right way to build wealth.

You’re going to be very surprised when you learn these 10 money secrets that help the rich build massive amounts of wealth. Rich people use these secrets to keep their money and exponentially grow their wealth year after year. But there’s nothing stopping you from doing the same. Learning the biggest money secrets that rich people won’t tell you could solve all of your money problems and help you not only become financially free, but make it so that you never have to worry about money again. Be sure to stay to the end because number one is sure to surprise you. My name is Chris and I help teach people about money, personal finance, and investing. If you’re interested in improving your financial future, make sure to subscribe to the channel and hit the like button if this video is helpful. Number 10, it’s critical to keep housing costs low. Overspending on a home can easily prevent you from building any amount of wealth. Spending a huge chunk of your income on a mortgage or rent can make it impossible to invest. Rich people make sure their housing costs are very low in relation to their income. When you see a beautiful, expensive home, you might think that those people are up to their neck in debt. They might be further burdened by other astronomical expenses for taxes, lawn care, and other maintenance. The fact is all of those costs probably barely have an impact on their budget because their income is so high. In other words, that house probably costs less than 10% of their monthly income compared to the average American who spends about 30% of their income on housing according to Business Insider. Keeping your housing cost to a very low and manageable level is one of the first steps to building extreme wealth. Number nine, don’t rely on earned income. Did you know that the average millionaire has seven different sources of income? This is because relying on one income stream from a job will not allow you to become wealthy. Earning a regular paycheck has its benefits. It allows you to pay your bills and basic living expenses, but it should be seen as a stepping stone to larger, more passive sources of income. Additional sources should pay you even when you’re not working, and they should have potential for growth. A common income stream other than a paycheck could be owning a business. It may require some time to manage, but it runs whether or not you work on it every single day. Having many sources of income protects you in the event that one of the incomes stops rolling in. It also means one source has the potential to be wildly successful. Relying on a paycheck is not a long-term solution. Number eight, spend modestly. When you see someone who has a lot of money, you’ll probably know right away due to their expensive home, extensive car collection, and designer clothing. What you don’t know is that all of those costs only consume a small percentage of their money. In line with the amount they spend on their housing costs, they restrict overall spending to a very small percentage of their income. This is fairly easy for them to do because when you have a ton of money, it’s easy to buy many of the things you want and still have money left over. However, this is one reason why the rich continue to grow their wealth and become even wealthier. The money that they don’t spend can be invested into assets that are just going to earn them more money. Number seven, invest consistently. Most people who are rich got there by investing consistently over a long period of time by dollar cost averaging into the stock market and other assets. By investing on a regular basis over a long period of time, your investments will begin to compound and grow exponentially. Through compounding, it becomes easier and easier to gain substantial wealth. Investing consistently entails finding room in the budget for investments even when money is tight. Investing during thriving economies and recessions and not being scared away by market drops or frightening news headlines. You need to have a long-term outlook and stick to the plan. Number six, buy things or experiences that are meaningful. Rich people are frugal when it comes to spending money, but that doesn’t mean they’re afraid to spend. They are more than willing to go all out on items or experiences that are important to them. While it’s true that they don’t waste money on aimless purchases, they’re happy to buy things that provide value and happiness. For example, they might have a passion for travel, so they spend a large amount of their money seeing new places. What’s the point in having a lot of money if you’re not going to spend any of it? The difference is that poor people tend to waste money by purchasing things that they forget about shortly afterwards and provide little to no value, while the rich spend on things that matter to them. Number five, you won’t always succeed. It’s unlikely you’re going to succeed with every endeavor, and rich people know this. For this reason, they try many different things in regards to investing, finding alternative ways to earn money, and even various career moves. If one thing doesn’t work out, they don’t quit entirely and revert to a low-paying job for the rest of their life. Furthermore, when they find one thing that has worked well, they don’t stagnate and remain where they are. They’re constantly finding ways to make adjustments, find room for improvement, and try new things that will help them further their success. While some people are intimidated by the possibility of not succeeding, the rich do not let this deter them. And this is one reason why they were able to get where they are. Number four, market crashes present opportunity. Rich people don’t care if the financial markets crash. Actually, they prefer to see things crash every once in a while because they see this as a huge opportunity. If the stock market drops 30%. Wealthy investors see this as a great time to buy when everyone else is selling out of complete fear. The people who panic when the stock market or real estate market crash are the ones who lose money and can’t afford to reenter the market when things become expensive again. Those who are prepared for these occurrences are usually people who are already wealthy, but not always. Anyone with sufficient savings can participate, and those who are able to invest at the market’s bottom earn incredible profits when things recover. Number three, focus on increasing income. How can you increase your income? This is a question you should be continually asking yourself to become wealthy. Investing is one way to create a fortune, but the problem is that it takes a very long time. Without the ability to earn market beating returns every single year, it’s going to take decades to reach the status of ultra wealthy. This is why the rich emphasize earning a high income that can be used to invest and grow that money. They’re not asking themselves how they can get a small raise or earn $100,000 per year instead of $70,000 per year either. They’re asking themselves how they can double or triple their annual income or even more. Most bosses would laugh at you if you ask them to double or triple your pay. That’s why rich people don’t beg for an incremental raise from their boss. They create their own future, often through running their own business. Number two, reduce tax liability. Taxes are one of life certainties, and no one likes giving up their hard-earned cash. The poor and middle class don’t have a tax plan. Instead, they simply go to work. Their employer holds a slice of their paycheck for the IRS and gives them the remainder. With proper tax preparation, it’s possible to pay much less in taxes. One reason for a lack of tax planning is that workers who earn a paycheck have fewer options than the rich. Wealthy people have many forms of income and potential tax deductions in addition to professional tax help. The tax code is extremely complicated, but there are plenty of ways the IRS allows people to reduce their tax liability. For this reason, the rich seek the help of a tax expert like a CPA whose job is to help people make the most of their situation. Number one, debt is good. Poor people know that using debt to buy things isn’t the best idea, but what they don’t know is that debt can sometimes help you earn money. Rich people take advantage of lowinterest debt if they can earn a higher return than the money is costing. Why would a rich person pay cash for their home when they could get a lowinterest mortgage and use that money to fund the growth of their business, buy more real estate, or invest elsewhere? For example, they could pay cash for a $2 million home in which to live and own one house outright, or they could put 20% down on the $2 million home and buy four $400,000 investment properties that will fund the mortgage. In addition, the interest paid on that loan could be a tax deduction. For those that aren’t disciplined or knowledgeable enough to use debt to their advantage, it’s best to stay away. The rich will never tell you these secrets about money. Even if they tried, the majority of people either wouldn’t believe them or wouldn’t listen. But now you know these secrets that will help you make exponentially more money and reach an incredible level of wealth.

Today I’m going to summarize one of my favorite books called Secrets of the Millionaire Mind written by Harve Ecker. The most interesting part of the book for me was the part where the author talks about the 17 key differences between rich people and poor people. Please keep in mind that when I say rich, I mean ordinary people who got rich through their hard work and skills, not the ones who got rich because of their parents or some illegal business. And when I say poor, I don’t mean to belittle poor people. In fact, I have been poor most of my life. When I say poor, I refer to their mindset. The first difference, rich people think big, poor people think small. Have you ever been grocery shopping and spent several hours in several stores so that you can find the cheapest groceries to save 50 or 60? Or have you been waiting in line for an hour so that you can get a free hamburger? If you have done this, then you have a poor person mentality. I’m sorry to say that, but let me explain. Of course, it is not a bad thing to save money while you are shopping, but this changes when it comes to how much you will save compared to the time you will spend for that saving. If you spend 1 hour to find the cheapest oranges so that you can save 60, then the value of your 1 hour is 60. Compared to this, rich people don’t care about saving 60 cents. They understand the value of their time and constantly think about new things they can do so that the value of their 1 hour is equal to $6,000. The second difference, rich people choose to get paid based on results. Poor people choose to get paid based on time. Let me be open with you. No one cares how much effort you put into something. What they care about is the result. Your customer does not care that you have put hundreds of hours into developing a product. Do you think they will buy your lowquality product just because you have put a lot of effort into it? Of course not. What they care about is the result. If it is good, they will buy it even if you have spent a few hours on it. For example, you don’t care how much effort and time I have put into this video. If the video is good, you’ll keep watching. If not, you’ll just click on another video. The fact that I have spent over 100 hours on this video is irrelevant. The fact that I made a mistake and because of that had to spend extra time is irrelevant. You really don’t care about any of that. You would never say let me watch this lowquality video because 100 hours work has gone into making it. It is about the result not the effort or time spent. The author says if you want to know your true value then work for the result not the salary. Rich people believe in their value and in their ability to deliver results. Poor people don’t. And that is why a steady salary is very important to them. Third difference, rich people think both. Poor people think either or. Poor people feel that there’s not enough and you can’t have everything. Rich people think there is plenty for everybody and you can have everything you truly want. Poor people believe in scarcity. Rich people believe in abundance. Do you want a successful career or a close relationship with your family? How about both? Do you want to focus on business or have fun and play? How about both? Do you want a blonde girlfriend or brunette? How about both? The last was a joke, but you got the point. Rich people always want both. Poor people always choose one. Poor people see the world as cake and believe that everybody will take a slice and the cake will be over soon. On the other hand, rich people see the world as an open buffet. Once something finishes, the waitress will add more and you can eat as much as you want. Poor people believe that they have to choose between money and other aspects of life. Do you have to choose between money and happiness? No, of course not. Money is important and happiness is important as well. You can have both. Many people have negative feelings about being rich. They think that becoming rich makes you evil. That is why they think they have to choose between being rich and being a kind person. So, they choose to be kind and stay broke. You’ve probably heard someone saying, “That person really changed after he became rich.” Or, “Money changed this person a lot.” I believe that money does not change you. Money makes you more of what you already are. If you are a kind person, money makes you a rich kind person. If you like helping other people, money gives you the option to help even more people. On the other hand, if you are a jerk, money makes you a rich jerk. If you do evil things after you get rich, it means you are already evil. Having money just makes it obvious. Fourth difference. Rich people focus on opportunities. Poor people focus on obstacles. This is my favorite. Whenever I come up with some new idea, I share it with people to get some feedback. It’s very rare to see someone who would acknowledge the problems regarding the idea but at the same time focus on the opportunities it can bring. Almost all the time I hear tons of people telling me how my idea will fail. And that is how poor people think. They constantly see obstacles, risks and always focus on problems while rich people focus on opportunities. Poor people make choices based on fear. Their minds are constantly scanning for what is wrong or what could go wrong in any situation. Their primary mindset is what if it doesn’t work or more often it won’t work. I’m not saying don’t take care of problems. Of course, handle the problems as they arise. But don’t let the fear and problems stop you. If you focus on the problems, you will get problems. If you focus on opportunities, you will get opportunities. It is a simple universal law. Fifth difference. Rich people associate with positive successful people. Poor people associate with negative or unsuccessful people. Simply put, if you want to fly with the eagles, don’t swim with the ducks. If your goal is to be rich, then study rich people. Hang out with rich and successful people and use them as a model. Do what they do, read what they read. There is a reason why they are rich. For example, if you want to create a successful YouTube channel, find the successful channels in your field and study what they do. Study what type of content they create, how long their videos are, what kind of style they use. If you take the exact same actions and have the exact same mindset, chances are you will get very similar results. When I give this advice, people get very angry and they say, “So, you want me to just copy other people? You want me to be unoriginal? You want me to just steal other people’s work?” No, I’m not saying any of that. For some reason, these days, people want to be Mark Zuckerberg and invent the next Facebook. If you are an ordinary person like I am, then you have a better chance of succeeding by modeling successful people. And that does not mean you are unoriginal. For example, if you decide to create the summary of the exact same book I am summarizing now, use the exact same animation format that I am using now. Use the exact same background music. Your content will still be unique because you have a unique voice. You have a unique way of explaining things. Even if you do the same thing, your content will still be different than mine. By the way, you’ve probably noticed that there are already many channels that are doing the exact same thing that I’m doing. But despite that, this channel will be growing. Please don’t get me wrong. I’m not trying to brag about myself or say, “Hey guys, look how great my channel is.” The reason I am talking about myself is that you and I can relate to each other easily. If I give you an example from the founder of Amazon, Jeff Bezos, it will probably be hard for you to relate to his story. But you and I are two simple people who are trying to improve ourselves. Another complaint I hear a lot is that I don’t have rich people around me. So, how can I surround myself with rich and successful people? Look, you don’t have to have them. You can simply find successful people and read their books or watch their videos. You can’t ask Arnold Schwarzenegger to hang out with you so that you can study him and get in shape. But guess what? He has tons of videos and he’s written a book. So why not read his book or watch his videos? I don’t have any rich friends around me. Authors of these types of books are rich friends for me. I hang out with them by reading their books, watching their videos, and listening to their podcasts. Sixth difference. Rich people know what they want and they are committed to getting it. Poor people just want to be rich. Imagine you and your friend are hanging around in the city center and you want to eat a baguette. Your friend approaches the stand and says, “Hello, I want to buy a baguette. Please give me a baguette.” The seller behind the stand will most likely be confused and ask what kind of baguette your friend wants. Because there are many types of baguettes. This is exactly the same approach poor people use when it comes to becoming rich. They just want to be rich, but they don’t know what a rich life looks like for them. If you don’t know exactly what you want, then the girl who is selling the baguette will just give you any baguette she chooses and you will walk away. Now imagine you approach and say, “Hello, I want a tuna baguette with smoked cheese, but I don’t want this type of bread. Give me that dark bread with sunflower seeds. Don’t put onion. Put some cucumber, tomato, and toast it.” Guess what? The girl is going to give you exactly what you asked for. In the same way, rich people do not send out mixed messages. Only poor people do. The number one reason most people don’t get what they want is that they don’t know what they want. You must know what that rich life looks like for you and must have a plan to get there. For example, for me, rich life means having the freedom to work when I want, where I want. I want to be able to take a taxi whenever I want. I don’t like taking public transport and feeling sweaty, especially if I’m going to some important meeting. When I go to a restaurant, I want to be able to open the menu and choose anything I want without looking at the price column first. I want to be able to take my parents on a nice vacation twice a year. I want to be able to help people around me when they are having financial difficulties. I want to be able to wake up at 11:00 a.m. on Tuesday and go for a walk in the park. I want to be able to go to the gym in the middle of the day and come back whenever I feel like it. This is my rich life and I have a plan on how to get there. Difference number seven. Rich people are willing to promote themselves and their values. Poor people think negatively about selling and promotion. Let me explain it this way. If you had a cure for some type of disease, would you hide it from a person that was suffering from it? I don’t think so. In the same way, if you believe that what you have to offer can truly assist people, it is your duty to promote it. It is your obligation to promote it. By not promoting it, you’re actually doing a disservice to people. Maybe the product you’re selling is the product that can change my life, but if you’re not promoting it, then I’m losing the chance to change my life. Resenting promotion is one of the greatest obstacles to success. People who have issues with selling and promotion are usually broke. How can you create a large income in your business if you aren’t willing to let people know about your product or service? Whatever work you are doing, you need to be good at selling and promotion. Almost every aspect of our life involves selling. For example, when you are trying to convince your partner to go to a restaurant instead of shopping, you are selling. When you are trying to convince your daughter to study, you are selling. In fact, right at this moment, I am selling. I am selling you my video and you are paying for it with your time. You are paying with minutes from your life. And I’m not ashamed of selling you my video. I am not ashamed to promote it and ask you to hit the like button and subscribe because I know that ideas from these types of books can really help you to change your mindset. Difference number eight. Rich people believe I create my life. Poor people believe life happens to me. If you want to create wealth, it is important that you believe that you are the one behind the wheel. Poor people travel through life as a passenger. On the other hand, rich people always sit behind the wheel. Did you ever notice that it’s usually the poor people who spend a lot of money playing the lottery? They actually have high hopes that someone will simply try picking their name out of a hat and provide them with money and eventually will cause them to become rich. Eker says poor people also justify their situation. They say things like money is not important, happiness and love are important. This kind of comparison is not correct. Let me ask you a question. Is your leg important or your arm? You’re probably saying, “What kind of a dumb question is that?” Of course, both of them are important. You’re absolutely right. Both of them are important in the same way money and happiness are both important. Money and love are both important. Food and water are both important. Poor people also blame others. It’s never their fault. It’s always the fault of others. They always act like victims. I have two cousins who grew up in the same village, went to the same school, had the same teachers, and both had poor parents. Today one of them is very successful and the other one is not. And the most interesting part is that both of them use the same reasons for their current situation. Poor cousin blames the bad education system, poor parents, government and the system for his failure. On the other hand, rich cousin used the same reasons to become successful. He said, “I knew that the school system was bad and my parents were poor and because of that, I started to educate myself and learn new things.” He doesn’t blame anyone or anything. Another reason the poor are poor is that they complain. When people complain, they focus on what’s wrong with their life. What you focus on expands, so they keep getting more of what’s wrong. Difference number nine, rich people manage their money well, and poor people mismanage their money. Money is just a tool like your computer or telephone, which requires you to learn how to use it. We spend many hours learning how to use the computer. But when it comes to money, people ignore this simple fact and don’t want to pick up a book and learn how money functions and how to manage it. To me, this one is crazy because money is something we sell our life for by working 9 to5 every week. But when it comes to learning how to manage it, so many people fail. With the amount poor people complain about their financial situations, you would think it would make sense to learn the basics of money. But that is almost never the case. Rich people are not any smarter than poor people. They just have different and more supportive money habits. To master money, you must manage money. Saying, “I’ll start managing my money as soon as I have money.” is like an overweight person saying, “I’ll start exercising and dieting as soon as I lose 20 lb.” First, you start properly handling the money you have. Then you have more money to handle. If your son can’t even handle and maintain his bike, would you buy him a car? Of course not. The same logic applies to the universe and you. The universe says until you show you can handle what you’ve got, you won’t get anymore. The author says even if you borrow money to live, you still need to learn how to manage that money. The more important thing is to exercise the money management muscles so that it becomes a habit. Building the habit first is very important. For example, if your goal is to go to the gym every morning so that you can do squats with 100 kilos, you first need to learn how to lift a 1 kilo blanket before lifting a 100 kilo weight. If you don’t have the habit of lifting the blanket and getting out of bed, then there is no way you would reach your goal. To manage your money well, the author recommends creating five accounts: an investment account, a play account, an education account, a give account, and an expense account. You have to put 10% of your after tax income into your investment account. That is the account that is going to create the goose that lays the golden eggs. Eker recommends also putting an equal amount, 10%, into your play account. Money in the play account must be spent at the end of the month on fun activities. You should spend this money in a way that helps you feel rich and happy. If you always keep saving, eventually the part of you that seeks fun will sabotage your other accounts. Difference number 10. Rich people are bigger than their problems. Poor people are smaller than their problems. The secret to success is not to try to avoid or get rid of your problems. The secret is to grow yourself so that you are bigger than any problem. It doesn’t matter if you’re rich or poor. You’re going to face problems. The size of the problem is never the issue. What matters is the size of you. The bigger the problems you can handle, the bigger the business you can handle, the bigger the responsibility you can handle, the more employees you can handle, the more money you can handle. The things we call problems are actually only situations. We make them a problem respectively. Some people make it a problem, others don’t even get affected. How can it be that the exact same situation is a problem for one but not for another? It depends on the person. It depends on you. You might get fired and depressed all day and complain or you can use your free time to create your own business. Difference number 11. Rich people are excellent receivers. Poor people are poor receivers. A poor receiver is a person that cannot receive well. And what do we receive? We receive praise, compliments, money, gifts, and many other things. Many of us have trouble receiving such things. The author says that we are conditioned that way. We grew up and heard things like, “That’s wrong. You’re not making it right. What did you do?” These sentences all strengthen the feeling of not being good enough. And not feeling good enough is one reason that we are poor receivers. From now on, take everything someone offers you. If someone tells you that you’re looking good, then say thank you instead of what? No, I look horrible today. It’s as simple as that. Just say thank you and receive your compliment. Ecker says, “It’s funny. When I was broke and I saw a penny on the ground, I would never bend so low to pick up a penny. Now that I’m rich, however, I pick up anything that even looks like money. Then I give it a kiss for good luck and declare out loud, I am a money magnet. Thank you. Thank you. Thank you. Difference number 12. Rich people play the money game to win. Poor people play the money game to not lose. In sports, teams that strictly play defense and have no offense have a hard time winning. Unfortunately, most people play the money game on defense, where their primary concern is survival instead of wealth and abundance. Poor people want to have enough money to pay bills. The intention is a very important thing. And when your intention is to have enough money to only pay the bills, guess what? That’s exactly how much you’ll get. Nothing more. You have to aim high. You must shoot at the stars so that you can at least hit the moon. The author says, “If your goal is to be comfortable, chances are you’ll never get rich. But if your goal is to be rich, you’ll end up very comfortable.” Difference number 13. Rich people have their money work hard for them. Poor people work hard for their money. Eker says, “I agree that you do have to work for your money, but for rich people, this situation is only momentary. For poor people, it’s unending. Rich people believe that for your money to work hard and take your place, you have to work hard first. They also know that the more your money works, the less amount of work you will have to do. The first objective should be to become financially free as soon as possible. Eker defines financial freedom in a simple way. Financial freedom is the ability to live the lifestyle you desire without having to work or rely on anyone else for money. And how is that possible? You need passive income. In short, you become financially free when your passive income exceeds your expenses. Many people can’t differentiate between being rich and being financially free. They think that first you need to be rich to be financially free, but that’s not true. Financial freedom comes first because it’s easier and faster to do. Let me ask you a question. Is it easier to climb a ladder that has only 10 steps or a ladder that has a thousand steps? Of course, the 10-step ladder is easier, right? By using this analogy, we can say that becoming financially free is like climbing the 10step ladder and becoming rich is like climbing the 1,000step ladder. First, try the easier goal and be financially free. Once you have the passive income coming and you don’t have to work for anyone, then you can use this free time to become rich. Eker says in his seminar, one of the students realized that if she simply rented her flat and moved to a cheaper place, her passive income from the rent would be enough to cover all her expenses. Plus, she could even save some money. That’s exactly what she did. She rented her flat, moved to a cheaper and more exotic place, and became financially free. Only then she started building her business, and becoming rich. So, first, focus on the 10-step ladder and creating enough passive income so that you don’t have to work for someone. Once that’s done, then you can think about the rest. There are two primary sources of passive income. The first is money working for you. This includes investment earnings from financial instruments such as stocks, bonds, or other assets that appreciate in value. The second major source of passive income is business working for you. This entails generating ongoing income from businesses where you do not need to be personally involved for that business to operate and bring you income. The simplest example of this can be real estate. Difference number 14. Rich people focus on their net worth. Poor people focus on their working income. When it comes to money, the common question that people ask is, “How much do you make?” The question, “What is your net worth?” is rarely heard. A small number of people talk this way. Wealth is measured by net worth and not by working income. It has always been like that and always will be. To find out your net worth, all you have to do is add up the value of everything you own along with your cash and investments like stocks, bonds, real estate, the present value of your business if you have one, as well as the value of your residence if it is your own, and then subtract everything you owe. Net worth is considered the ultimate measure of wealth because if required, what you own can be turned into cash. After you calculate your net worth, draw a vertical line on a page. Put zero to the bottom of the line and to the top of the line, write your desired net worth. Let’s say $1 million. Once you have done it, put your current net worth on this line and see how far you are from your desired amount. From time to time, let’s say every month or every quarter, check this line and update it accordingly. Even if right now you are at zero or in the minus, I would still recommend doing this exercise because what gets tracked gets improved. Difference number 15. Rich people act despite fear. Poor people let fear stop them. In the book, Eker talks about the manifestation formula. According to this formula, thoughts produce feelings. Feelings then lead to actions and actions lead to results. For example, you think about a donut. Then it creates a feeling of craving for the donut. and then you stand up and go to the shop to buy a donut. If this process constantly repeats, you gain weight. Thoughts and feelings are part of your inner world. Becoming overweight is part of your outer world. Action is the bridge between the inner world and the outer world. If there is no action, then your thoughts and feelings about being rich are useless. Many people read these types of books to be rich, but most of them don’t take action and apply what they learned. It’s not about how many books you read. It’s about how many books you apply in real life. Reading but not taking action is like watching the picture of the girl you like on Facebook all day instead of going and talking to her face to face. If action is such an essential role in achieving success, then what is keeping us from taking these actions? Fear. Fear, doubt, and worry are the most common barriers not only to success but also to happiness. One of the biggest differences between rich and poor people is that the rich are still willing to act even if they feel fear even if they are uncomfortable. Poor people on the other hand allow fear to stop them. They don’t want to feel uncomfortable. If you are only willing to do what is comfortable, life will be uncomfortable. But if you are willing to do what’s uncomfortable, life will be pretty comfortable. Fear and discomfort should not stop you. Fear is a product of the mind. Your mind is a fear detector, not a success detector. The moment you start doing something uncomfortable, your mind will show you tens of horrible cases to stop you. Our mind is the greatest horror script writer. Training and managing your own mind is the most important skill you could ever own. If you want to learn how to control your mind, I would recommend starting to meditate and reading a book called The Power of Now, which I have also summarized on this channel. There is also a video about managing your fears which I covered when I was summarizing the book called The Magic of Thinking Big by David Schwarz. I will put links into the description for both videos. Difference number 16. Rich people constantly learn and grow. Poor people think they already know. Eker says that the three most dangerous words are, “I know that.” The question is, how do you know that you know something? Here’s the answer. If you live it, you know it. Otherwise, you heard about it. you read about it or you talk about it, but you don’t know it. Frankly, if you are not rich and happy, there’s a good chance that there’s still a lot of things you can learn about money, success, and life. Consider this. If you’re not as successful as you’d like to be, there’s something you don’t know. If you are not rich, it means that there are a lot of new things that you need to learn and apply. If you keep doing what you’ve always done, you’ll keep getting what you have always got. Difference number 17. Rich people admire other rich and successful people. Poor people resent rich and successful people. When I was in high school, there was a very rich man. And whenever I saw him passing through our neighborhood with his new Mercedes, I could hear many negative stories about his luxurious life. Whenever I asked around if they knew what he did for a living, no one was able to give me a precise answer. But almost everyone assumed that what he was doing was some criminal work and that he was evil. Several years later, I had a chance to talk to this person when I was doing my internship and I learned that most of his childhood had passed in poverty, which motivated him to work harder and eventually he became a CEO. After knowing this person and hearing his life story, I realized that poor people often look at other people’s success with resentment, jealousy, and envy.

So, in this video, I’m going to be sharing what I think is the easiest way to make $100,000 a year. This is actually based on a Twitter thread uh by Jordan Ross. Um, so I’m pretty much ripping off the Twitter thread, but but I feel like it actually really aligns with how I would do it and the thoughts that I’ve had and the sort of process of it because yeah, a lot of you ask, you know, if I had to start from nothing, if I had to start from scratch, how would I start making $100,000 a year? And I think what he shares and what I’m sharing really sort of is the way I would do it. It’s what I would try first before I tried anything else. Um because it just aligns with how I could make $100,000 in a year. Now, this isn’t meant to be sort of passive income, smart passive income or anything like that. This is how you would actively make $100,000 in a year. So, the first thing is you’ve got to find a skill that you’re good at or you can get better at. So, a good idea would be to list out the skills that you’re currently good at. Maybe that’s website creation, app development, graphic design, copywriting, social media. I’m just reading my notes here, some of the stuff that I’ve listed down, but yeah, those are just some of the skills that maybe you have or maybe you’re willing to learn that you can sell. It’s important having a skill that you can sell, something that not other people have, especially like website design. That’s this is why I got into website design and sort of making websites. A lot of people just don’t have the time to make a website. A lot of people don’t have the time to learn to make a website. For most of the people who watch this video, most of you are probably already quite familiar with how to make a website. And we’re not the norm. That’s not that’s not the norm at all. If you talk to just a random person down the street, maybe you ask your mom or your dad, cousin, whatever. If you ask them how to make a website, they will probably have no idea. And that’s the whole point. have a skill that not everyone has and that hopefully you can well you enjoy doing because that’s the other thing. You’ve got to pick something that you’re actually going to be willing to get better at because if you don’t really try to get better at it, you’re not able to charge more for it for that. It just goes hand in hand. Let’s just say for this video you’re good at video editing for social media. Maybe you can edit YouTube videos or maybe you can make uh short form content for Tik Tok or Instagram purely because that’s like the trendy thing to do now, right? Second is finding potential clients. Now that you have your skill and you’re good at it, you’ve got to find clients. That this is usually the tough part and understandably this is also the part that’s going to take the most time. It’s not going to be an easy thing to do. You could contact 100, 200, maybe even a,000 people and you might end up only getting 5, 10, 20 clients, something like that. Finding clients for video editing though can actually be pretty easy because you can go to somewhere like YouTube, go through various channels, maybe channels that you currently watch or just other channels that you come across on YouTube and see if they have a Tik Tok on Instagram, and if they’re utilizing those profiles, if they’re posting short form clips. If they’re already posting short form clips, it probably isn’t worth getting in touch with them because they most likely already have a video editor or something. But if you find a channel that doesn’t have a popular Tik Tok profile, but they have a big YouTube channel, this is a golden opportunity. This is the perfect sort of person to contact and see if they’re interested in hiring a video editor that can do it all for them. So, what I would do is I would build a database/sort of spreadsheet/cm like you see here. I’ll share this one if you guys are interested. I mean it’s really easy to make in notion anyway but yeah potential client sort of database you’ll have the name of the channel the person whoever runs the channel a link to the channel of course their email usually their email is listed in the about section of their YouTube channel and then you’d have a section or column for if you contacted them and then you’d have another column for responded you can add other columns as well maybe pricing that you sent them whatever or pricing they’ve come back with just anything that you think is relevant any information relevant to these potential clients. Third is creating an offer. So now that you have your potential list of clients, you’ve got to start crafting an offer. You’ve got to make something that’s compelling, something that’s can be interesting to them, that provides value to them. So from my own experience from hiring people and getting all sorts of emails from lots of different people wanting to do this, that, and the other for me, there’s always been a few that have stood out, and I want to share how they stand out. So most people will make a bad offer, something like, “Hey, my name’s Ollia. I’m a video editor. I can edit your videos. Are you looking for an editor? This is a really bad offer because it just says that you’re a video editor. Doesn’t show what you’ve done, your work or whatever. And it just says,” and it just asks, “Are you looking for an editor?” I feel like if I got an email like that, I I’ll be honest, I just ignore it. It doesn’t really sort of compel me to reply because I have no idea who this person is. I have no connection to them and they want to edit my videos. Why? Like, I haven’t seen any of their work or whatever. Um, yeah, it’s just really off-putting. And like I said, half the time they don’t even include their portfolio, which is just shocking to me. I don’t know why you you’d email something like that and not include sort of other work that you’ve done. A better offer though is something like this. And these are the sort of emails that really sort of piqu my interest and got me to apply. So something like, “Hey, my name is Olia. I’m a video editor. I noticed you don’t post on Tik Tok or Instagram. I’d love to help you out and be your video editor. Here are a couple of videos I’ve edited for you.” Then you insert a link to the videos that you’ve edited for them. Let me know your thoughts and then yeah, as simple as that. Because they’ve inserted the link and they’ve edited my videos, not just some other random videos that they’ve done in the past. Because they’ve edited my ones, I am much more likely to have a look. I’m much more likely to click that link, have a look, and see what they’ve come up with because it’s my own work. Like, if someone can take my work and somehow make it into something else, transform it into something else, that’s definitely going to get me interested. When you do this, your portfolio won’t even actually matter because you’ve already done the work basically for that potential client. Them looking at your portfolio, they’re they’re probably not even going to notice or realize. They’re going to be focused on what you’ve created for them. That’s what I’m usually like. I’m focused on what the person has already created for me. I’m not really too fussed about what they’ve created in the past. The only time I’d be interested in what they’ve created in the past is if I’ve actually gone to them and trying to find a video editor, trying to find someone. I would want to see their previous work. But yeah, if you’ve already sort of done the work for them, they’re not going to care about your portfolio. They’re just going to be focused on what you’ve already made for them. Number four is make it easy, but don’t be annoying. So once you’ve emailed them, I think following up twice is okay. A third time I probably wouldn’t because after the third time, they’re clearly not interested. Stop bothering them. You’d be surprised at how many emails I get. And some people have followed up 10 times. 10 times. How can you like I just don’t have the time to reply to every single email. I wish I did. And I’ve now had to set up filters and stuff just to have things sort of go into the trash automatically. And I’ve also set up sort of auto responses saying, “Hey, thanks for getting in touch, but this isn’t something I’m interested in at the time.” So yeah, don’t be annoying because if you’re someone who’s annoying and constantly nags and sort of emails someone, they’re actually going to just be more put off by you. They get emails, they get tons of emails, I’m sure, every single day. They don’t want to have another person just bothering them constantly. If you do get a response, though, make it easy for them. The whole point of you getting in touch with them is to make their life easier. You’re doing something for them that they don’t have to think about. The whole point is to help them grow, help their business grow, and hopefully also make them more money. If you can do something like that, then yeah, your price is going to be well worth it. You can tell them you’re going to edit something like 10 clips for $1,000 or maybe even $2,000. If that’s too much for them, maybe you can offer five clips for $500. Tell them you’ll even handle uploading it all for them. You’ll handle everything. you don’t they don’t even need to worry about it. The plan would be to start small and just to grow their social media channel. If you can start growing that channel, if you can show the growth and the engagement, you can show that there’s actual results, you can even start charging more money. The aim is that the money that they’re spending on you is actually showing results. It’s actually showing something that they’re getting out of it. And if they can continue growing that, if you can continue growing it for them, if you can continue getting in results for them, yeah, you can start charging more money because they’re inevitably also going to make more money from at the end of each month. I would even highly recommend maybe creating some sort of end of month brief or something like that. Just some sort of easy PDF document or it could even be an email just showing the growth of what they’ve done the social media channel that you’re working on showing how many clips have posted. Maybe you can go even more in depth showing which clips have done well, why they’ve done well, and in the future maybe you’re going to make more clips like that so you can keep sort of growing that reach so you can keep getting in those views so you can keep getting those followers. Having that sort of end of month brief just makes it so much more valuable for the client because again they’re seeing the results. They don’t have to keep going to their profile seeing if things are growing. If you can show them the sort of growth from month to month, yeah, it will just be so valuable to them. Now that you have the one client, you can start rinse and repeating this process for multiple different clients. Contact so many different people and just do exactly the same thing. And as your skills get better and you have proven growth, you can show that you’ve done this for other sort of um creators online. Like I said, you can start charging more. It only takes five clients at $2,000 a month to make $10,000 a month. Maybe you have 10 clients at $1,000 if you want to do it like that. Because if you get good at your job and you start getting quicker with your sort of editing process, you start putting in processes that make your job quicker. You could easily make 50 clips maybe in a couple of days. Maybe you can then start outsourcing that work to other people. So then maybe you can bring on even more clients or maybe you just want to free up more of your time. There’s a lot of opportunity for growth here when it comes to sort of agency work and hiring and having clients and things like that and hiring other people to do the work for you. There is a lot of growth. There are some agencies out there which are making absolutely millions and you’ve probably never heard of them. I know Neil Patel is one of them. He has an agency where he does sort of marketing and SEO and stuff like that and I think he makes like 9 figures a year which is just insane. It’s absolutely crazy to me. So, you can imagine if you sort of build this client base over time, you’re only going to get more and more clients because there’s always going to be more creators. There’s always going to be more people who are looking for video editing. There’s also going to be people who like creating content but don’t know how to edit. So, there’s a lot of opportunity here. And this is just one role that I’ve tackled here, which is just video editing for Tik Tok and Instagram. That’s such a that’s such a niche small thing which you can make money from. And it’s funny because I’m actually paying someone to do that for me right now. I have a video editor. I’m paying them $1,000$2,000 a month to edit my sort of Tik Tok and Instagram videos and stuff like that. Um, and actually I’m hiring someone else now to help me create more videos and to manage my YouTube channels here in the office full-time. So, if you guys are interested, make sure to check out that job. I have it on my website. Um, yeah, I’m looking for someone inhouse though. It can’t be a remote job. But yeah, even I think to myself of starting an agency again of of taking on more client work because a lot of people do do ask, “How do I do this? How do I do that? Hey, can you do this for me? Hey, can you do that? And I think to myself, if I started an agency again and I started doing web design stuff, sort of marketing stuff and social media stuff, I could maybe make good money. One idea I’ve actually been thinking about is going to companies, tech companies especially, and being like, “Hey, I’ll build a YouTube channel for you um about your product. I’ll literally build a YouTube channel around your product. Tutorials, guides, everything about your product, basically just how to use it, video guides on how to use it. And maybe sign them to a 6 to 12 month contract. maybe charge a set fee like 50,000 or $100,000 and yeah, at the end of it they would have a channel with tons of content because you could technically record the content over like two or three weeks and then spread it out over the whole year, maybe a video a week or something like that. Yeah, there’s a lot of opportunity here. That’s just one idea that I’ve been thinking about and I’ve been considering because obviously I have experience in making videos like this, making talking head videos, uh running YouTube channels, knowing what it takes to to have a YouTube channel. I’ve been making YouTube videos for years now. So, yeah, if any companies are interested, contact me. Maybe we could work something out. But yeah, I think that is one of the easiest ways to currently make $100,000. I’m sure it might be different in a few years, but if I were to start again, that’s what I would do. I would start taking on client work and build it up to make $100,000 a

Let me ask you a question. What could you do with an extra $1,000 per month? You could pay off debt. You could take a vacation. You could buy new furniture. You could build up an emergency fund. You can make home repairs. You can actually save that money and put a down payment on a new home. The possibilities are endless. For a lot of people, an extra $1,000 a month would change their world. Did you know you could make a $1,000 a month or more on eBay? I’ve been selling on eBay for many years, and in my experience, it’s a lowcost way to earn additional money. It doesn’t cost you one dime to sign up and create your eBay store. Here are my top eight product categories that over the years I’ve found carry the highest profit margins. Number one, home tech, which would include TVs, speakers, DVD players, Blu-ray players. Number two, fitness gear. That would include running, golfing, and yoga equipment and accessories. Number three, branded electronics. Sony, Apple, Samsung would include smartphones, earbuds, anything to do with small electronics or branded electronics from your major manufacturers of smartphones. Number four, fashion. Trendy fashion items or clothing are popular items and they sell very well on eBay in my experience. Number five, shoes. Now, this category can range from dress shoes to casual shoes to outdoor and athletic shoes. Number six, jewelry and watches. Now, watches is near and dear to my heart because I’m a big watch guy and I have over the years bought and sold many watches on eBay and have done extremely well. Number seven, collectibles. That’s another area that I’ve have some experience in. I’ve sold some collectible items on eBay over the years and I have done extremely well and they are extremely profitable. good profit margins if you buy them correctly. And then number eight, books. Books are a great way to be able to make money on eBay, specifically used books. There’s a whole community out there of people who buy pre-owned and used books from eBay, and in my experience, they do carry quite nice profit margins. Those are the eight top product categories that carry the highest profit margins on eBay based on my years of experience. I would ask you guys to go out and do some research on your own. Determine for yourself what you feel are the right products for your eBay store. That’s an individual thing for each person. In my case, the things that I focus primarily on on my eBay stores is luxury watches and branded electronics. Those two categories have done extremely well for me. Now, let’s talk about some tips that I recommend you do when starting your eBay store. The first tip, and I think the most important tip, is make sure you take good quality photos of the items you’re going to be putting up for sale in your eBay store. Number two tip, make sure you are pricing your items correctly. Before you list any item on eBay for sale, do a quick search on eBay for that item. You will see a variation of prices, but at least you’ll know what the market is. And then you can determine from high to low price where you want to price your item. My recommendation is price it to sell. If there are a 100 items on eBay similar to your item and you’re at the top of the price range, more times than not, your item may get passed by if people can get that same item for a lesser price. So, always do a quick search on eBay to make sure you’re pricing your item correctly. The third tip is make sure that you list your items on eBay on a consistent basis and also make sure you list them in the right category. And then the fourth tip, make sure that you understand eBay’s seller fee structure because each item, depending upon what type of item it is, may carry a different fee structure. I believe anybody can go on and set up an eBay store and start making money. I think you guys can make $1,000 a month if you take the necessary steps. First of all, find products that are profitable that you can make a profit on. Number two, the four tips. Take good photos. Make sure you’re pricing it properly. Make sure you put items in your store on a consistent basis and make sure they’re in the right category. And then four, understand eBay’s seller fee structure. You have a tremendous opportunity through your eBay store to create an additional stream of income for yourself that you do part-time. You can also create a business out of it that you can do full-time and make even more than $1,000 per month if that’s what you want to do. You can make as much money as you want or as little money as you want on eBay. It’s a tremendous platform that allows you to have access to hundreds of millions of people on a daily basis. You got to understand, and this was what helped me in my process of kind of paying attention and really putting more effort into my eBay stores, is the power and the reach of eBay has transcended the way people buy and sell things online. And I think we all have an opportunity to share in that experience and create an income for oursel. Back to what I said at the beginning of the video. What would you do with an extra $1,000 per month? For me, guys, an extra $12,000 a year would be fantastic. That’s money I could use to invest in other things like real estate. I can invest that $12,000 into a mutual fund or a stock portfolio or I can simply just enjoy that $12,000 on my family by taking a nice vacation or buying something nice for our home. It can also be a wonderful way for you to save up money on a down payment for your first home if you’re not a homeowner and you want to be a homeowner. It’s unlimited. You can do many things with the money that you earn on eBay. The key is get started. Don’t get hung up on the details yet. I recommend you dive in head first. Go on eBay.com, create your store today, and practice by putting items that you already have in your home that you don’t want anymore. Start putting those items up for sale. and then start learning how to be a eBay store owner. Also, there are plenty of tutorials on how to get started in eBay and how to build an eBay business. You can do a quick Google search or you can go on to YouTube and also type in how to start my eBay store and you will get a plethora of videos that’ll come up giving you as much detail as you want as it relates to starting your eBay store. What my goal was today was to share some of my best practices and tips that I’ve used in order to have a successful eBay store for many years. Go make your first $1,000 this month.

In today’s video, I want to walk you guys through five ways you can turn $100 into $1,000 in 24 hours. Number one, a service business. Guys, you can take $100 and go buy a pressure washing machine. You can take that pressure washing machine to local neighborhoods where you live. And guess what you can do? You can pressure wash someone’s house. You can pressure wash their driveway or their patio deck. Whatever they deem they want pressure washed, you can do it with that $100 pressure washing machine. And the way I know people can make $1,000 a day doing that is because I hire people to come out and pressure wash my front driveway and my small patio in the back of my house. And they charge me upwards of $300 for about an hour and a half worth of work. Now guys, to me that’s a pretty good deal. So you do three pressure washing jobs. It takes you probably five to six hours to do it and you can turn a $100 investment that you paid for the pressure washing machine and turn that into $1,000 in less than 24 hours. Another service-based business that you can actually turn $100 into $1,000 is automobile or boat detailing. Same thing, guys. very very little to get started. Under $100 to buy the supplies that you need and you can actually detail cars and detail boats and turn $100 into $1,000. Again, I know this because I’ve paid detailers to fully detail my car for upwards of about 500 bucks. I have friends of mine who have had their boats detailed for upwards of $1,000. So, little bit of money, 100 bucks, and then you can turn that in to a,000 bucks in less than 24 hours. Now, let’s move on to number two, which is reselling and flipping. Guys, I got a lot of experience reselling and flipping. You guys know I’ve had eBay stores for many years. But eBay is not the only platform where you can, you know, resell and flip. You got Etsy, you got Facebook Marketplace, you got Amazon, and of course, you got eBay and many other marketplaces that you can resell and flip on. But here’s the neat thing. You can take as little as a $100, go out to local carport sales or garage sales. You can go to antique stores or thrift stores right in your local area. You can actually put ads on Craigslist or Facebook Marketplace and buy things online or go physically to a location and buy things for under $100, guys. And then take those items and list them for sale online on the marketplaces that I just mentioned and turn $100 into $1,000 within 24 hours. I’ve done that guys several times. I can remember one situation where I bought something online. I turned around and put on eBay for sale for 1,500 bucks and sold it for a,000 bucks. Reselling and flipping is a great way to take a small amount of money under a hundred bucks and then within 24 hours turn it into a,000 bucks. The third idea to take a $100 and turn it into $1,000 in 24 hours is a YouTube channel. Now, I know some of you may say, “Well, h you know, YouTube, it takes a while to get,” which is true, guys. But here’s the neat thing about it. Once you put in some time and get yourself up and running on YouTube, you can easily easily make $1,000 per day. The reason I know that is because I’ve done it. If you got a smartphone that you’ve been using and you have the ability to do video on that smartphone, you can go buy yourself a really inexpensive stand to put that iPhone on, just like I’m shooting this video on, and you can turn $100 into $1,000 within 24 hours. Like I said, I understand it does take a little time to build a YouTube channel, but here’s the thing, guys. Nobody knows when one of your videos are going to go viral. And even if they don’t go viral, you still can be consistent with uploading videos to YouTube for free. YouTube doesn’t charge you anything to set up a YouTube uh account and start posting videos. And what type of videos would you post? You’d be posting videos about things you have experience doing, right? If you got a skill set or you like gardening or if you like taking long walks and and and talking when you take those walks, you know, if you like u health and you want to talk about your diet or what you do to stay healthy, whatever you want to talk about on your YouTube channel, there’s an audience out there that’s ready to listen. So guys, that’s the third way you can turn $100 into $1,000 is by starting a YouTube channel and just being consistent with your uploads. The fourth way you can turn $100 into $1,000 is by selling digital products and courses online. People are learning online. That’s the new way to learn. And if you have a skill set that you can teach someone, what a great way for you to be able to take that skill set and help others by selling digital products and courses. So what is a digital product? A digital product is anything that you can create, put online, and someone can purchase it to do something with it. For instance, let’s say you’re really good at financial budgeting. You have a good way of uh budgeting your finances. You can create a template of whatever process you use to create and set up and track your income and your expenses and your budget. And then you can put that template online and people can buy that template, guys. That’s a digital product. You can put it on places like Instagram. You can put it on Facebook. You can put it on YouTube. You can put it anywhere there are people coming online. You can put it there and people can see that digital product and if they like it, they can purchase it. That’s an easy way, guys, to take something that didn’t even cost you $100 to create and turn it into $1,000 in 24 hours. Now, courses, that’s a huge one because again, people are learning new skill sets online every day. Let’s say you got a skill set. Let’s say your skill set is web design. That’s what you do. And you’d like to teach other people how to do web design so that they can start making money. You can create a course that walks people through step by step of how to create web design. You can market that course online. Let people know it’s out there. And guess what? If people buy that course to learn how to do web design, you get paid for that. You do the work one time under $100, right? Of course, it has some of your time involved, but it’s under $100, guys. You can build that web design course and guess what? Put it up online and it’s there forever creating residual income for you. That’s an easy way, guys, to take $100 and turn it into $1,000 in less than 24 hours. And the fifth way you can take $100 and turn it into $1,000 is by investing in yourself. So, the four prior ways to take a 100 and turn it into 1,000 requires an investment in yourself, guys. That’s why I have that as number five. You have to be able to invest in yourself to create skill sets so that you can make money, right? And like I tell you guys, I’ve invested in myself all of my adult life, right? And I’ve taken my time and effort, really no money, just my time and effort to learn different things to make money. And all of the things that I’ve learned, guys, pretty much have been for free. Either I’ve learned them through my normal 9-to-five job that I’ve worked in banking for 25 years. Or I just went online and started poking around, guys. Didn’t pay any money for anything. and just went online, started poking around, putting in different concepts that I was interested in learning, and then taking that time, which was that investment in myself, my time to go out and learn new ways to make money. So, here’s five ways, guys, you can turn $100 into $1,000 in 24 hours. I hope you think about some of these areas that I talked about. Put some time and effort into them, guys. You don’t need a lot of money in order to create money. You just got to be able to know things to do to create the money and then take action. Drop me some comments and let me know what you think about those five ways to take $100 and turn it into $1,000.