So this is where you want to create a financial system and start investing your money, because your savings will never make you wealthy. You cannot save your way to wealth. You have to welcome to the school of greatness. My name is Lewis Howes, a former pro athlete turned weiss style entrepreneur and each week we bring you an inspiring person or message to help. You discover how to unlock your inner greatness thanks for spending some time with me today. Now let the class begin. she's the season of mashed, potato mounds and crispy turkey skins. Three sixty by whole food market is a wonderland, own with unique items and delicious fines on every I'll. The light, your dinner guest, with an assortment of tasty cheeses and wines that pair with every occasion between limited time, pies and fresh seasonal protests, every dish and every ingredient with your table filled with excitement, steal the show this season at whole food market.

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That comes last bought subject to initial approval. I'm going eligibility and periodic reviews. The So someone wants to become financially free to be able to retire within fifteen years, wanna talk about that shirt. I want to talk about it at different stages of life, if you're in your twenties to your thirties, if you're in your thirties or forties want to talk about that, what would like a step by step approach from first the mindsets standpoint what year thing thinking of the mindset, ok owner time, fifteen years. How does this think too? Then actual actions that people need a teacher in order there and what does retirement actually look lies a good question. Let me I'm gonna quit formula, and then I'm gonna break it down, because I have created the very complex, but I created this.

formula rule which breaks down into a very simple mathematical thing: words: you take an income. You subtract your expenses. That equals your investments, pleasure savings, income plus income. Minus expenses equals your investments plus your savings. So if you want to become wealthy ultimately comes down to having more investments. You're savings are not there to make you I'll, be there there to protect you against an emergency, Spitzer will make you wealthy. So if you want to become wealthy sooner or if you want to become a wealthy or any more investment, you need more investments. How do you do that? Well, if it's incoming your expenses, this basic met either increase your income dickies your expenses or do both so that's the ultimate formula in africa. What this break it down step by step? And how do you actually do it? Six steps at this

no matter what age you are. These are the six steps that you want to follow before you get into the six steps yeah. What does the mindset that someone needs to think about step? Number. One is the step you need to have the right mindset, or this is what I call myself. The minority mindset and you know the brand minority mindset, because it's all about thinking differently than the majority of people, because. If you follow what the majority of people do in eighty to ninety percent of situations are probably doing something wrong and it'll be in debt, it'll be paying off debts and allowance for the rest of your life. The majority of people are broke, the majority people are living paycheck to paycheck. The majority of people are drowning in debt, the majority people have zero no investments, the majority people are unhappy, the majority people are miserable and the majority people do not like their jobs. This is not me exaggerating. These are all statistical numbers for more than fifty per cent of people feel this way, and so, if now you can what everybody else does you could end up like everybody else.

and so this is right now you want to think a little bit different and try to find what's right for you and try to get educated yourself, because when it comes to the minds at the first thing, you have to understand that it is possible because, if you're sitting there saying it's not possible for someone like me, somebody who has my back on my parents, my whatever I can't become successful. I one hundred percent guarantee that you will not be able to become successful. You cannot change your outcome without changing your mindset. That is burg and in the previous. Maybe we had. We talked about mindset versus tools that were most of the time to be assumed that the reason why we can become successful is because we lack the tool set when, in reality for ninety percent of people is lacking the right mindset, we have the right mindset. You'll discover that the fool said is right around you, so first believing that you can do it because

what you know and believe that you can do it, that belief is going to impact your decisions, because now you have to say you know what yeah, maybe I can become successful. What are you gonna? Do you're gonna go into you to watch videos, do I become successful. These are watching videos, babies are bending bitchy videos and Asia was oh okay, I can start to do this. I can change this about my life. I need to change the way. I think I need to change my actions. I need to do more things in my day. I need to stop watching so much netflix. I need to do this, the movies or reading books laser reading business books, because I read a lot of business books- are there so much wealth, Twenty dollar business just go onto audible, look at some of the top business books and just start reading them, and you will learn so much nicer. We didn't know, maybe you started doing a little bit. Maybe you don't exist? it too much, but you start taking some action and you start to learn even more because your experiences are some of the best teachers teachers in the world. Even if you make mistakes, I have learned from my mistakes. I didn't have

mentor uttered have guidance. I dont have investor babbled members. Have people telling me how entrepreneurship works? I screwed up a ton just like you the terrible mistakes we learn, then maybe go take a class. No, you look. Ok. I want to learn how to do this and try to build this business of those at the wrong I'm trying to get a better job I'm trying to get a raise. I keep doing something wrong. You've read books. Now, maybe you find the class, you invest some money in this class and now you have more education or you try more and now you start to see. at the time. Oh my god, twelve months ago I had no idea. I didn't even believe that I can do it now that I believed that I could do it. I started watching youtube videos. I started reading books and started taking classes. The starting action, and then you can do it. Maybe a coach. Maybe I consulted on the list goes on and on and on which it can do, but it all first starts with the mindset, because, if you tell yourself you can't you mind, should debts down and you're never going to find it

Fortunately, you never gonna look for the opportunity, so that with a mindset is the most important thing and if you don't have the right mind said this is the first thing you want to do is start learning how to a bill self esteem. How do about my confidence? How do I believe and myself and theirs, I don't have a ton of videos on this. I know you have a ton of videos on this. What louis to start so start there, then we go a little bit deeper now for focusing, It is not my says on our wines that has never one. Secondly, no once you build the right mindset, is you want to create your financial base and the best way to understand this is just to think. If you wanted to build a house, what do you do? First, when you've got a foundation to build the foundation, if you want a bigger, bigger house, you want to build a bigger house. You want to dig a deeper foundation. You want to build a tall building. You need an even deeper foundation, so you have to start by building a financial base and what that means financially is. First, you want to save two thousand dollars

babies to put aside some cash for savings as fast as possible, because right now is something like forty two. Seventy percent of americans don't have one. Forty percent of americans don't have a thousand dollars to put aside and something close to. Seventy percent of americans don't even have four hundred percent four hundred dollars, but aside protect them against an emergency so that you know americans don't have one thousand dollars put aside, get a two thousand dollars or two grade, then just ask as possible yup, and then you need to cut the financial bleeding. That means your high interest debts. credit card debts, your hard money loans, your zyobor. A pr loans which are now charge with twenty to twenty five percent. These need to be paid off as fast as possible, because these are low. Better skinning you alive financially or a major fiercely

Credit cards are one of the biggest things that hold people back the credit cards. Credit cards are a tool. They are a tool if you're not educated with them, you can get stuck. If you had this tool without the education, it will burn. You I only spend with a credit card I spent in order to work, because I know how to use the tool and because I know how to use my credit card. What happens? Will I will spend more than would otherwise, because I use a credit card as a medium of exchange of going to spend this money, anyways might, as my credit card It better be. It gives me perks. It gives me cash back. It gives me on protection against free ensured flies me hotel of greeks. It gives me all these things just because I used my credit card, a set of paying with cash and so now will get is the financial sector. Should because some some people say: oh, my god, is cut companies are scams, while the reason why there look at a scams is because we don't have the re education and how to use them right, it's a tool, but

education and how to use it, and this is where now you have to build that financial education and many times you're going to have to go out and do it yourself because of credit. Company is not incentivized to give you the finance and education because are going to make less money. That's right, it's profitable to keep people poor, it's profitable, to keep people financially uneducated, cause now, if you just keep spending money in your credit card, because you have no idea what you're doing now, your credit card companies going to get rich, the average household in america has sixty to one hundred dollars with a credit. so we have credit card debt in amerika. You probably have an average of sixty two hundred. Now, let's talk about it. because it was the interest on that will thus at fifteen to twenty, I've, twenty eight percent and everyone up every month, you're paying that repeated every month

about six thousand a month. It's really you know over years. If you never fully pay it off, you're, just paying more and more and more and the interest rate on your credit card, isn't fixed rate is variable interest rate. So, as the fed reserve bank raises interest rates, the interest rate on your credit card also goes up. So if you are twenty one years old right now and you invested sixty two hundred dollars because the average household credit card that right now, if you invested, two hundred dollars right now and you got a twenty percent return your money and he did it, for ex forty five forty six years, you will go to retire with twenty million dollars. twenty million dollars and you never invest. Another penny give us more time. If you invest sixty two hundred dollars today and you never another penny again and on twenty one and twenty one and you get a twenty four a new money, even retired, twenty million acres. It where the wall am. I gonna get tweets and china. My money, you after you you're right,

your credit card companies due to every single day their charging you, and so, when you have this sort of credit card debt that you make new credit card company richard now, you know. Whether or not you think it's a scam. Look, let's move past and understand. What's going on now, we know you can use to advantage, because I get tens of thousands of dollars worth of cash back every year from my credit card company, because I use it as a tool, I understand how to use it- and this is where look if you don't wanna use a credit card doesn't matter, but just don't. If you have credit card debt, you have to pay that. because that is skinning. You will live right now understand the financial education aspect. So that's the first they ought to do is create a financial. You saved some cash bid? You gotta pay that credit cards Although the financial believe that the financial booty was the strategy, we got three credit cards what's strategy to to get rid of them, so they rams gonna. Tell you to do something called a snowball method. The smallest First of all, as first and the a debate and your very moment right,

financial adviser, may tell me the opposite: do the debt avalanche, which is now pay the highest The street first and then go down because now you're gonna pay off the most interest first, so it caused the most money, the law The reason why they brandy recommends is no one method is because psychologically, when you get a small winds of pay, something off, you feel like you're winning and you can pay it off ass. A There's gonna, look at the map and say: hey. Look these is telling me that pay off the higher interest rate first cause it's going to save you the most money over the long term, which was right again. I'm not gonna save, which one do what As for you, because I know if was a situation. I'm not I'd like the idea paid out a heavy interest rate birth because that's how my brain works. I don't need the small ones like that. and work for the long term. I think that, given the entrepreneurial, my reader, I know how my mind works. So I understand myself, and this is

honestly being open and honest with yourself. If you can stay true with it, then do the snowball yeah. It does not matter screw, paying it off a few months early, just get it away and pay it off as fast as past. Cut out cut the financial bleeding and have a two thousand, our base say that step two okay, except that step to know. The next thing you want to do is what I called read your money. So this is where you want to create a financial system and start investing your money, because your savings will never make you wealthy. You cannot save your way to wealth. You have to invest your money, your savings. If you already, because of what we ve talked about in previous interviews, inflation you're losing money in the savings. If inflation is higher than the interested you getting at the bank, the new savings are effectively mickey poorer each every day, because your savings are losing value to inflation? Now? Does media should not save any money, no if need to save money strategically,

so you want to save money for three reasons and three reasons: only saving money for an emergency saving money for a big purchase. If you would want to buy a car or buy a house, you want to buy a nice watch whenever you want to buy any in order to do that in a three save money for an investment. If you're, not saving money. For one of these three reasons, you're saving money the wrong way, and it is making you poorer by saving the money. So now, and then the first aspect of saving money for an emergency. How much do you safe? This is now again depend on your risk. Tolerance. you want to stay somewhere between three to twelve months worth of your expenses? The amount of money you save is going to depend on where you are in life and how much risk you're willing to take on. If you're, like, hey dude, I'm I'm twenty five years old, I don't have any financial responsibilities. I don't need that. Much savings, fine save a few months worth of savings, and that's

invest more aggressively if you're like hey, I have a family, I have kids that have a spouse or I don't want to take on all this risk. Then save six months. Nine, a year's worth of savings, because now it will give you the peace of mind that you have some extra cash put aside. So it's gonna depend on your risk, tolerance and in what you want But this does leader money step this way you want I understand that there's more to putting money aside than just saving your money, you also want to be putting your money to work, and the best way to do this is to create a system where, no matter how much money you're making you are going to proportionately, continually, invest and save it's based off your income. So what does that mean? Well, one of the simplest things you can do is follow something like percentage. My seventy five fifteen ten point, which means for every dollar that you earn. Seventy five cents is the maximum that you can spend

Fifteen cents is the minimum that you invest in tat sense is the minimum that you save at this. Never changes with the income. The only thing that you would ever change is after you hit that savings goal for your emergency savings. You don't keep saving your money for the emergency because you built that whatever it wants, what you put towards your investments, yes, and no, whether you're making forty grand for a hundred grand four million forty million you just keep on with the same thing and you're living below your means and you're constantly putting money aside for investments. Now again, we talked about this before this investment money can either be passively invested. All of it- or you can put this money aside to be invested, so he could put this money. take account you looking for a rental property. You looking for business to buy you looking for a cheap stock to buy. This now depends on no, your investment goals right.

Do you want to be invested? How do you want to invest more money at this? Is that by nature, education of no one? You want to do in your purse because if you don't want to be involved with the money, you don't want to be a day to day investing or paying attention to the markets. You hate that idea of just passively invest it tight, put it into low. Musketeers index in the export of. Don't you worry about it and let it do it's think you don't change it, whether the markets up or down this is now you're putting away to work leading because real wealth is built, three investments, not savings because he does We spend our money either because We spend more money on the the gucci leave it on the bible and the extra work. Well, guess what good is making money? We were times bigger, We need to pull this making money. Beavers beef he's making money but you're the one is

making all the rich. Yes, if you say I want to become wealthy, but you have no savings and did you have all this nice stuff? You look rich, but the stuff that's looking rich is making you broke leg and you're broke, so you know you're paying the price to look rich. which does nothing wrong with that. But you just have to understand what your goals are. If you say hey, I don't really care about building wealth. I just want to have my stuff, so free country, it's your choice, but if you say I want to have wealth you handle investments, and you spend the money and all this stuff. This really want to rethink what you're doing and understand what it is that you want and makes it His actions are aligning with your goals. Your lifestyle is aligning with what you want to do, but he can't keep lying to yourself. So why you should put your money not in buying the bag when buying a stock of exactly On the copy, all the places we are spending their money and here again

there's nothing wrong with. Haven't I stuff right. What I'm trying to see and priorities here just just be able to afford it yeah, you know what I'm gonna credit card or they want your credit card with it. If you, you want a nice watch. You want a nice house, one nice car, fine just makes you can afford it first right and this brings me down to the next step, which I call interest, free living and now this is where we are going to go a little bit deeper of how do you actually spend your money because in the american culture it is very normal to be in debt, it's very normal to buy things that you can't afford and before was with credit cards. Now, what's with this new thing called by now pay later, I'm I'm an entrepreneur, a very much involved in the financial space, a very much involved in the fin tax base.

I now pivot over the last couple of years is arguably the fastest growing sector infant tech, their crushing right there- Well shit. I have not invested any money into buying all pay later apps because I don't believe in it. However, it's putting more people in the debt kind of the way that they work is. You can buy something I wouldn't worry about. The price later know the pitch to consumers to people is, or even to pin interest, can like the housing market back the right method, rhymes here I that is only right right, but the whole idea, The basis of european interest is paid off were say twelve months or six months, which you seem like a bad idea. Why would I want to pay a thousand dollars for a laptop today? If I could just paid off, home is not being interests with initiative almonza. Well, if that's the case, is it such a fast growing industry and we know, is going to invest billions of dollars to some they're, not gonna, see any sort of financial return. They got it them

expensive kind of monies free money, so they given you money for free. How are they gonna make money from? It won't survive a little bit deeper? If you can't get past her too, if you don't pay it when your twelve months, then what so that's the first part, if you don't pay it off now you get slapped with a very, very hefty hefty fine, if very, very hefty fee. Where now you paid a massive interest rate essential if the credit card and they're just acting like exotic cause, it's the same concept when you get a little bit of a grace period, but the second aspect is: if you want to buy a laptop for a thousand dollars and you need a thousand dollars to buy it. Well, you gotta have one thousand dollars, but if you don't have to, pay for it now, but you still have the thousand hours in a bank account. Maybe nine honey. and now what happens. I go buy more stock and buy for one hundred bucks a month for the next one thousand dollars and more and more so it allows people to spend even more ways to lock in all this stuff. So you have a whole

just off and on all the money is going out to pay for the stuff that you bought yesterday a year ago now a year ago, and then, if you can't pay it off in time because that's ultimately palmer their goal, if you can't pay it off a time naked slept with all that interest. All these fees and now you're the one that's gotta, pay it off. So this is where you have to understand the spending aspect of how do you spend your money, because again, these things are tools.

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I wonder how many people you know so doing our previous interview. I wonder how many people signed up for more credit card since twenty twenty, and also sign up for more bought more things with this by now pay a letter, I wonder if those data are out there on this, I dont, which will give us a more indication: hey twelve twenty four months from now. Man, people indeed made double the money Can we go into lot more debt? So, in terms of the number of critical, I don't have an answer at the top of my head, but I do know is the amount of money spent on the credit cards, because in twenty twenty, with a pandemic kid we saw the fastest pay down of credit card that ever really, which was great, because now in the home. You very little expenses, but you don't gotta pay a mortgage mortgage forbearance. A lot of people are not paying the rent that appears to the loans you're. Not.

Now. Dragline dry carried her right dear, very little expenses, and then Many people are now getting unemployment checks to getting stimulus checks. You have more money coming in and many complex became wealthier because of the situation, so its extra cash something spent it. Some people invested it. Some people paid out their debt and we saw the biggest credit card that down in the history of time and twenty twenty, which was all your money about war. The of day at least use them for the repairs purpose that was great people paid on the debt world than we have towards the end of the twenty one into twenty. Twenty two was the economy open, backup people started spending, you wanted to go out, and this pattern, man you want a travelling to want to eat. Out of any one have fun again find but then we were also hit with inflation. Everything to some extent and now you've been waiting to travel. You've been waiting to eat out, but we didn't do all this stuff and it costs much more expensive. So now, what do you do? Well, I don't get any credit card debt recuperate,

the credit card man. So over the last number of months we have seen the fastest growth of credit card debt it'd be his tramon of time, and this is the situation where we paid it off and now we're going right back into it. Maybe because I feel like hey, I got room to spend and second because everything is so expensive. I can't afford pushers account for gas and so its whole villages. This very point number one. Might the mindset, the education It is so so so crucial, and this is where now in this step, you can make that decision. First, you to understand how to spend your money and then you can understand now. What do you do with the rest? Do you want to pay down? The mortgage right would pay off. You know something like that or do you want to invest your money, and this is really an individualized question, because the simple math is if your mortgages cost to use a five percent a year and you can get an eight percent return on your investment. You

and invest your money, get a better return, pay off your mortgage and have some money to pocket. It's a! No brainer, so if you could invest your money, get a better return. Why would you not do that? Well, because investee comes with risk. Vs paying off a mortgage does not because when you pay off your mortgage, you get a guaranteed five percent return on your money, because now, if you've paid off a year early, you get a guaranteed five percent return rest of what you invested. The money it comes with risk might go up or go down like what might go down, and so now the question again. It is what pebble life do you want to live? Do you want to say you know what I just I wouldn't have to worry about the mortgage payment. I just want to be financially free, never have to stress about money and just be okay, then pay down the mortgage because now wants to pay down the mortgage. Your biggest expense is gone. You own, your house, free and clear. You still gotta pay price. Pay taxes, but at least know the biggest expenses god you're gonna breed so much easier when you dont have a mortgage to pay. But if you say you know, I just breathe,

the big I wouldn't have a nice day, I'm gonna have the big things I wanna be flash, wrong with that, like you I want to have it all: okay, that's fine! Then you don't want to be trying to get a five percent return. You want to invest his money in the markets. You invest it in your is this. You invest in education, you'll investors yourself, because now you can get in much better return is a riskier absolutely but you might have to somewhere else what you wanna get a different upper return at this way investing to the things I can give you a better return, because that's what you want I do understand that it comes at risk and, if not comparable with that into the first. So This really does have to understand you and understand what but like you, want to live, but the key here is it What are we yourself back into the situation that got you here in the first place, where, if you have the credit card that they know how to spend your money that we don't end up there again more. The simplest thing to do is now to understand the difference between being able to buy something and being able to afford.

I think- and one of these- and I like to say, is this: parliament will have five. If you can't buy five of them, you can't afford one of them the house's earth If the warehouses are the exception of Deborah, where the house will are liabilities, you want to buy a gucci belt, you will get two hundred dollar gucci belt. Fight can buy five, don't buy one. You can't buy a five bill by one it houses, different houses. Houses are the exception. That is the only gonna be able to on all houses, though, as the one exception here, where you know when it comes to your liabilities, the only light believe that was his ok to finance, because everything else gucci build. Those applications should not be financing that because operating any money in your pocket and yes, a clear liability, you don't want to be finally arrived That's where now you would understand how to spend money in a word which amounted to interest free living. Yes,

and this brings me now to the next part, which is what I call multiplier income, where you go back to the wealth formula where income minus expenses equal your investments, plus your savings, we talked about how to save your money. We talked about how to invest your money. We talked about how to manage your expenses they don't talk about the income, because if now you understand how to live below your means, you understand how to put your money to work. If you want to put fuel on the we're just gonna our money. Now a hundred thousand dollars, you earn a million dollars you in whatever you earn more money. Now you know how to put this money through the system, followed by their seventy five fifteen ten or whatever else. You know how to take this extra money, but its work that we have more money to invest more money to see, more money to live your life, but the key is you don't want to? One hundred per cent increase your lifestyle to match your income. You want to increase your income.

with new investments, entitled advances the salmon. Ideally now you can. Wisely increase your expenses, but the key is you want to be increasing your income into investments way more? Yes, so the question is: how do you do that? Well, this is where again understand you. If you are an employee, you don't want to start a business. You don't want to start a side. Hustle I let the wrong with that. There's nothing wrong with being an employee. Just have to understand you, but that means now. How can you earn more money if you, like your job, look for ways to get a raise to get a promotion, see how you get a bonus, just be open with your boss? I want to be able to contribute more our want money. What can I do? Most people are gonna, be open and honest, say hey. I would like you to tack on this this and this do this and we will, rage or salary near maybe good job. You go get a certificate. You could do something else. You need a bigger now high earners, increase income. They because it can. You bring to the business to bring more money for the business or say

one time or create some system exactly so that the business can say: okay, cool! Let's give you more opportunities for growth. Exactly I mean if you can bring in an extra ten thousand dollars a year to the business of profit, they're not going to have a problem. I mean you, five thousand dollars or whatever it might be right, and this is where you just want to be open, because every business is different, maybe take on a second job and I was just figured out. How can you earn more money there? Now, if you say well, I want to do something outside of my job. Fine! Well, the first thing you could do start a side hustle so much more accessible. Now than ever before I go onto the internet, become a virtual assistant, you can become a copywriter, you can become a designer. You could become a video editor. I have paid so up work there. Pay me outbreak as a tougher than I? U have to hire freelancers and I did a video on this. I looked this up in the last two years are three years I have spent more than a quarter of a million dollars on

work alone ring on different individuals have on individuals just hiring people in different areas. Don't work for me the work of their own schedule, because now the financing business has grown so much as it is a lot of opportunities there were now you can. If you can prevent a service, make money doing that there might be working assure five ten twenty hours or are we on the side- or they might just be full time, freelancers yeah- it to set your hours for the most part. You can really do something that you like that you enjoy that you're good at so there's a lot of opportunity. There were now you can be a freelancer or start your own titles. If you have an idea, you want to one of my buddies. His mom is really good at making cakes and she started this. a cold cured, take business and making a good I'm glad we got a pic is seven hundred dora thousand dollars a month selling care takes for minced again. He markets

skip it was taken to make me a cake of mom makes the cake and he delivers it her. What is this the number of opportunities off course? As an attorney, she said say: liabilities some food given insurance and all that. But this route there are so many opportunities right. Just been a hustler, is getting yourself out there, frigging it out and there's an unlimited amount of possibilities and opportunities out there. Now, if you want to take it one step further, you could try to build The business just side, hustle can turn into your own business. If you have a business idea, invest in it first investment, mind messenger education and then try to do it. You wouldn't invest as little money as possible until you start generating revenue make again mindset was a tool set. We assume that we need all these tools to start doing it, but the reality the pressing need is your mind because there's a lot of alternatives and heightened do it like started. I started a sock company, a number it's ago when I was trying to figure things out in it,

A water resistant soccer and the interesting thing was, I knew nothing about socks, how d manufacture socks? How do you make them waterproof? As I was working, Textile engineers outward was work actually companies. I was working with a lot of different people. I don't have a lot of money and wanted and nobody would have your product. So I learned to talk, and essentially I did not, I think, by total. Asked to build a first round. Assaults was thirty five hundred dollars. So a lot of money, but relative too what, if you want to manufacturer products and create a product to go to the prototype after prototype the prototype right, it costs typically one hundred thousand dollars, plus I did it for under four grand, because I was able to talk to them. I used to talk about the potential. And I work with them to the law. This special deals were hate. Work would be here, and we know already mergers of your future exactly and we were able to get a going so as them ability to hustle be willing to find it,

see and that's the mindset that sometimes too, which money can be a disease, especially if you are a side, hustler or a business. Because of you. Spending money you I've been the victim of that too. I always give exam. Like the majority mindset blog. I didn't know how to build a blow, and my tongue was so eaten up with things like market briefs talking about building this tax business, although that much newer, but building my companies, My youtube channel do know all these other things investing in real estate that I didn't really care about. Building a blog like I cared about it, but I didn't have the brain capacity of the time to sit here and come up with a strategy to do it. So I outsourced it. I hired some of literally the top blog managers in the world and they charged I see a lot of money like as in six figures, plus one hundred thousand dollars plus to manage the blog, and it promised all this stuff it

do it. So one hundred thousand dollars for the blog manager at least another one hundred thousand dollars on blog content over the course of twelve months, and guess what no results zero, nothing, the worst. What did I do too much money problems? I just I said I don't get the time just gonna throw money at it. Hopefully that will fix the problem, because if you could get the top log manager, you can hire people to it it's easy right? Well, after those twelve months, the contract was over fired them, and this is where I was at right now. What let me figure this out, because I do want to build a blog, and so we built a brand new strategy. It calls. plus a fraction like a teeny, tiny fraction of what we were paying before there were bigger results with our blog is growing but generating revenue now, but it's it's a complete turnaround, but it's that mindset versus toolset. Yes- and these are real stories, real things that I have

so. You need to know now. How do you want by income and understand that you dont need thousands of dollars? My first business, I started with nothing left centrally. Let us remember panic company. I started minority mindset with under a few hundred dollars when I was making videos of myself somehow falls and hustle some creativity, some actions when consistency, some relationships and communication, and just based on paper, the hustle name, is well keep harshly together my videos, because the hustle mentality is so crucial in cat teach that you can't be that in books you have to actually live it. Yes, yes, this is right now, if you want to really do that, you have to understand the hustle mentality and work, and this brings me now to the beak rate aspect and last part now, like Hell. You ve speak my language, exactly right, exact greatness. So you built the base you're. Putting some money work. Your leading your money, you are

they paid off your home or your understanding? How to use your extra cash? The right way, you increasing income that we can build, you won't even faster now. Is about being great and these two aspects to this. The first aspect that I want to talk about is protected self, because a reality is when people we, lest you- have money. They're gonna, try to take the head man in your pocket and keep someone for themselves sooner deposit. Their remember, hearing Oprah talk about this Time years ago I heard, or some podcast or somewhere she said something like started to rise to them, whether tosh and started to make a lot more money. What do you think happens everyone's reach. Now, with a handout array, all you ve got money now. Can you help me with a thousand hours here you about this? When you ve made the money, can you help me? She said paraphrasing this, but after like ever now a decade of this or something it just fell, like everyone was using her. I suppose it just being relationship with her and having an actual friendship or relationship

and she said that she decided after a peer of time. She was tired of just giving give you're, giving the people who had a hand up said do a big dinner and I would invite everyone. Friends, family, everyone up, thirty cousins, twice removed, everyone is but ass for have outlined by them all and she said like she she gave out. she had this massive dinner for everyone, like all Emily unity, and she started without envelopes and gifts, cars and care, I should just like she gave out gifts, based on what she wanted to give the each person, and one got something and she said she gave a speech Having said this is all I'm gonna give you don't asked for anything else from this and she said still people complaining. Are you gave this person ten grand? I got five thousand, it's like. you gotta, learn to protect yourself. Mental

psychologically financially because you can just be, Having giving giving, I can never and rate right a hundred percent ed. How do you do it says? There's a huge relationship aspect: I'm gonna take a one step, a little bit deeper on the legal side, because you're you're actually right. You know I struggled relationships side as well, because if they dont be generous, but also its like, when you feel you being taken advantage of berries, becomes challenging so much

little mercedes, india called punjab and what happens a lotta people? Is you come here to america or to you know some of the canada. My family came to america and your family is in india and they think, oh, my god, you're wealthy in america. You're working your butt off here, while sending money back to india. So you know my parents did this. My dad did this a lot where, especially when we were young, he wasn't making a lot of money, but he was always sending money back to your siblings, where people just to help take care of them, because that's our culture so I'll take care of people and it becomes difficult because you know that, for at least for me the cultural aspects giving which I like taking her family, but that also not making a reliant on you, because now, once you start giving them the same about near, and so it's a very tough balance I don't have a good answer for you here, because you know I do like taking care of people. I like helping people, especially with my family,

I want to wish I can take care of her one. That's why I work hard, because I want to make sure that I can give you and so what I did. I I have given money to people around me, my family and my friends, the whither I look at it is out of what they wanted. I know when I give you money, I'm never got has back and I don't want it back. If you give it back to me. Maybe Take it, but I'm never going to ask her back and I will give based off of what I can. But I know that's money in my mind, I'm never getting back, and I have to be okay with that. For myself, and if I'm ok with that, that's fine and I think that's one of those things where I don't, because I don't want to mess up the relationship right with my and it s more important to me and so look. If I'm ok giving you a thousand dollars, here's a thousand never talked about it again and reduce it. I see a lot of money in dumb ways. Guess what, when you asked me for another grain, argue raggedy it s a simple as that

I forget about it. I don't like arguing over money. I think that's very dirty and evil. So I'll. You know I am generous in that sense, but you know I'm also very straightforward grief. I feel like hey, I'm not going to give it to you, I'm not going to do it know, but I also, So you ask we're back your time on protecting yourself, leally, legally which means now having the right advisers, accountants and insurers to protect you and Oh when you start earning money, people gotta tunnel, we did your pockets and get it also legally. I had a tenant in one of my properties, sumer, realistic company, because they said that the battle cut to slippery when the water was on the trees and because it was so slippery when the water was on it caused them to slip and fall, which then bathroom is a bathtub with water and because of that they wanted damages.

For injuries, but you just have to defend yourself. Even if it's not your problem, and so this is where haughty protect yourself. So I had a couple of things one. I had an llc I had read your answer and third had a properly manage a company properly managed by companies and so on, the delay, as you can see, all the different levels and actors and how they work. Because now the present happens, my property manage to accompany documented everything because prior to them slipping, they made a complaint that there was a body quarter inch backward.

Inch chip. I get asked a lot about easy ways to have more money at the end of the month and there are tons that I can think of, but this one is for my fellow fans of ordering delivery living in L. A were driving around can be such a pain. I've become accustomed to getting my food delivered to my home, but I won't lie. Delivery costs can rack up quick and that's why uber one is such a game changer for anyone who has made a habit of using uber eats and uber rides. I can save money without having to sacrifice convenience, which is what I like and best of all. You get savings both eats and rights which isn't available on any other up. Rumour one makes all of goober more affordable, and there are plenty of opportunities to save across rides, eats joint over one today and get your first months totally free visit goober.

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ass. We were required to do this. We were fully licence by the city of a contract offered to do this so now there I like to do the work. The tenants say we don't want you to do it retired. He goes back to do it again. They said we don't want to do it. The tenant slipped and fell at a barbecue, they go back and said no he's still injured from the bbq. So we haven't, so all this sure, and then they go and say that they slipped it fell, at the top. Have records of all this. For this said this slipped and fell at a barbecue. Another thing that slipped a fellow bathtub: why did they do that? Well, maybe they can try to get some money out of the quote: unquote, richland I was very young kid at this time. I was still a college: try to dig into those pockets, thinking that Elvis did. Investor must have a lot of money and they use one of those free attorneys to go after my chirps. So now I haven't shrimps, so my insurance company gives me an attorney to protect me through this process.

and the judge laughed at the case. Even the attorney laughed at the case. He was. I look man. This is just they're just trying to grab money. There's nothing here, it's a frivolous lawsuit, so we just have to do it and the insurance company wants to settle, because cheaper to settle than to pay three hundred and fifty to four hundred dollars an hour to the attorney, to fight it and actually win the case. And so that's where the insurance came in and protected me. They fought me for me and defended me and then paid out the settlement now if it had escalated further, that's where the llc protects me. We just where you want to have a good attorney there to recommend what's best for you, because at llc then kind of creates a shield where you can only take what the llc owns and you can't go after my personal assets. So if the llc only ones that property you can't go after anything that I own, because the llc is owns the real estate, you want to make sure you protect yourself

they're right. So this is having those rights shields to protect. You are so important because, in america, we are the most outrageous country in the world, he went to base you protect yourself against it and theirs this thing in real estate that if you haven't been food as well as it investor you haven't been. This is long enough how So is this one whose things where you want to protect yourself think we've got also understand. This is a full contact. Sport yeah now learning how to follow these fix steps that you laid out, which I think are great below how to be an investor. It doesn't come easy for everyone right away. You makes mistakes are going to be some challenges to face and the longer you're in it. You just have to deal with stuff not far right. This something to do with those prime months back and forth thing enters. There's some stress or some worry, this

conversation, it's time, it's energy, with insurance with lawyers just to deal with something that even isn't your fault hundred percent- and you know this is just one of the realities of the investor and entrepreneur rate. You know understanding the aspects and there are going to be some things that are not fun. Like I talked about in our previous podcast, the tax issue thought it was a up where my accountant calls me up saying that hey Just put this night in the morning, you all a hundred thousand dollars by the end of it It sucks entered into the ira sucks, and now I have to go figure out how to do this, send it in, and then he tells me that also have to pay a penalty on this because he did something wrong. So it's one of those things. That's not fun it's a problem, but then, as entrepreneurs, how do you find the opportunity? Well, first, I fired the accountant. I go on the hunt for a new accountant, new tax advisor. I start working with this new tax advisor and see the difference between.

Bad accountant, a good accountant. I started learning wow you're telling me that every month we can meet, and you can advise me on what I can do with my money. That way, I can legally limit my time. if liability and going to do all this work in advance, and I don't have to worry about this ever. I love that now when the entrepreneurial beta like last, are working together, because there are so many small businesses that need this. It is a real problem because there's a lot of bad accountants out there and we need more good account as we need good tax advisers. he's gonna help people, especially in this new age, where we are more iris. Agents joining the workforce. We have a lot of things. Changing we're, probably going to see a change in tax laws, so you want to make sure to take care of yourself. So this the things that I'm workin on with him is due to fix that We don't have a website or anything. So if you want to learn more shoot me a dm on instagram at minority mindset or email me at team at the minority mindset dot com, but this is just

the things we want to make sure you have the right resources there to first be great to protect yourself for your family and I'm gonna. Take the one step further, because, as an attorney you I want to make sure you have the right estate planning in place, because this is one of those things that is really not fun, but so crucial. If you build any sort of wealth, you want to tell the world and when I die, where's where's is illegal, because if you dont, you found this gonna fight over it's not funny because no one was a big about what happens after I die, but it is so so so important, because when you die, you don't want your family fighting at your funeral and so create a will, create a trust, have an estate planning attorney that can help guide you. There.

Because he never wanna have to worry about that in the second aspect, of being rate is being great with a world where the more you have, the more you can do, you can give back, nor you can do more things, whether it's money weathers or time, but there's your education, because when you can light a candle, well, you can light one cannot, but that one can look and also like a million other candidates. And this is where know as you're on this journey to build wealth, you have lit your own candle, Now you can help let someone else. You can help, give someone a helping hand whither. He help someone financially, whether you help them with a time, but they help them through expertise, because I have learned the process, because information is meant to be shared. I talk about this. you took not because I wanted to get rich, but because I was frustrated by the system right. I never knew that. I could even make money on youtube. I started making videos for freddie would turn he has missed on. I don't know that you could do that until someone showed me hey you

make money from this area, and so it's the whole idea of helping to spread because in like we ve talked about in this video store, podcast, there's so much miss, information out there there's so much lack of information out there and financially like. If you don't understand money, if you don't have money, it can ruin so many other aspects of a life, because if you don't have money, you are stressing about money. Now you can't take your spouse on a vacation that they want. You can't pay for your kids' education. You can fund your retirement. You can buy that gift that you want. You can't do anything and now you're stressing it makes your mental health worse. It could the depression, it can make. You start eating bad it make your physical health worth it can make. You feel so unfulfilled. They can make me feel so spiritually beat so

who were understand, hate, more money, isn't going to fix every aspect of life. But if you don't have money, it impact every aspect of life, and this is that financial education now ok, I've, I'm trying learned this help, spread the message and again through your money through time. education. There are so many ways it. You can do this because the more you have the more he can do, and now you ve while the discern now you wanna be great for the world, not just for yourself, You guys want more of this information check out. Minority mindset youtube the monotony mine said dot com, market, briefs, which is your newsletter, which has teaching warm of this financial education, which I think a lot of people should be subscribing to, and if you want more from myself and just make sure to leave a yes below on this video subscribe, thrived about channels, and let us know what you wanna hear more on. We ve done some incredible enemies so far as credible content, wanna keep doing more, you sell you a man. Just read

is inspiring teaching people how to the what the wealth formula. I love teaching people how to get the mindset of being able to retire at some point in their life. They want to. You mentioned one of the fire concept for a minute, but if he has one more stride about the channels check it out speedily, thank you for spread the word. and I hope you enjoyed today's episode and it inspired you on your journey towards greatness, make sure to check out the show notes in the description for a full rundown of today's episode with all the important links and if you want weekly exclusive bonus episodes with me personally Well, as ad free listening then make sure to subscribe to our greatness plus channel exclusively on apple podcasts, share this with a friend on social media and leave us a review on apple podcasts as well. Let me know what you enjoyed about this episode in that review. I really love hearing feedback from you and it helps us figure out how we can support and serve you moving forward,

and I want to remind you- have no one is told you lately that you are loved. You are worthy and you matter and now it's time to go out there and do something great. And one more thing we ve been choosing for lucky winners. Each week, like stacy from canada, Becky from Missouri audrey from France brand from ten. See and so many others, that's right, they each one, an amazon gift card and here's. Why it's our goal to get to know you better, so we ve created a short in simple survey. All you have to do is fill out this quick questionnaire at louis how's, dot, com, slashed survey and that's it. It only takes a couple of minutes, but it really helps me achieve my goal to continue to serve you in the best possible way through this podcast and as a thank you-

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