Millionaire Reacts to Money Advice on TikTok!

Published on: December 2 2022 by Sara Finance

Millionaire Reacts to Money Advice on TikTok!

Millionaire Reacts to Money Advice on TikTok!

Millionaire Reacts to Money Advice on TikTok!

startTime	durationTime	text
00:00:00	00:00:03	here's how i'm gonna buy my first house
00:00:01	00:00:06	by age 15. okay hold up
00:00:03	00:00:07	since when can a 15 year old buy a house
00:00:06	00:00:09	what's up guys
00:00:07	00:00:11	in this video i'm going to be reacting
00:00:09	00:00:13	to money advice on tiktok
00:00:11	00:00:16	as a fellow finance tiktoker i do see
00:00:13	00:00:17	some very very odd stuff that goes viral
00:00:16	00:00:18	and it makes absolutely no sense
00:00:17	00:00:20	so today we're going to be watching a
00:00:18	00:00:22	bunch of different videos and see if we
00:00:20	00:00:23	can actually learn something
00:00:22	00:00:25	many of you have been asking how i
00:00:23	00:00:27	became a teenage millionaire
00:00:25	00:00:31	i bet no one asked but i mean nice
00:00:27	00:00:35	camera work oh okay nice cars
00:00:31	00:00:37	stoks forex okay so basically this kid
00:00:35	00:00:39	is saying he became a millionaire from
00:00:37	00:00:40	stoks and forex and if you just go
00:00:39	00:00:41	through this guy's account you're gonna
00:00:40	00:00:43	see that there's no
00:00:41	00:00:44	value there's no good content he's
00:00:43	00:00:45	basically just flexing on us in every
00:00:44	00:00:47	video
00:00:45	00:00:48	if you want to drive a car like this you
00:00:47	00:00:50	gotta first start a business
00:00:48	00:00:52	this is not my car this is actually my
00:00:50	00:00:54	company's car
00:00:52	00:00:56	now what i mean by that is so every
00:00:54	00:00:58	month when i'm making the car payment
00:00:56	00:01:00	i'm not making the payment my company is
00:00:58	00:01:01	making the payment so if you own a small
00:01:00	00:01:03	business
00:01:01	00:01:05	then the vehicle exclusively used for
00:01:03	00:01:07	business can be added to your yearly tax
00:01:05	00:01:09	deductions as an operating expenses
00:01:07	00:01:10	and that's why you see all the
00:01:09	00:01:12	successful business owners driving a
00:01:10	00:01:14	nice car it's not because they want to
00:01:12	00:01:15	flex to other people
00:01:14	00:01:17	it's mainly because we don't want to pay
00:01:15	00:01:20	taxes and we would rather own these cars
00:01:17	00:01:21	than to pay tax to the government
00:01:20	00:01:23	okay so what he's saying here is right
00:01:21	00:01:24	yes it can help you reduce your taxes
00:01:23	00:01:25	but
00:01:24	00:01:26	if you're buying a car for two hundred
00:01:25	00:01:28	thousand dollars that means you're
00:01:26	00:01:30	probably making over a million dollars a
00:01:28	00:01:31	year or maybe even two million dollars a
00:01:30	00:01:33	year so obviously in order to buy a car
00:01:31	00:01:34	that expensive you'd have to be making a
00:01:33	00:01:36	lot of money
00:01:34	00:01:38	don't buy this house buy this house you
00:01:36	00:01:39	don't want to buy the nicest house in
00:01:38	00:01:41	the neighborhood you want to buy the
00:01:39	00:01:42	ugliest house in the area
00:01:41	00:01:44	and here's why you want to buy the
00:01:42	00:01:45	obvious house because when you add value
00:01:44	00:01:47	to the property
00:01:45	00:01:49	when the time is done it's worth similar
00:01:47	00:01:51	to the homes already nice let's say a
00:01:49	00:01:52	home like this is worth 700 000
00:01:51	00:01:54	by the time you actually do all the work
00:01:52	00:01:55	this house will be worth 100 000. we
00:01:54	00:01:56	call that sweat equity
00:01:55	00:01:59	so it's always better to buy the
00:01:56	00:02:00	fixer-upper than the house already nice
00:01:59	00:02:02	i hear this all the time i think it's
00:02:00	00:02:03	good advice because obviously you want
00:02:02	00:02:05	to buy a rundown property add
00:02:03	00:02:06	equity into that property now the only
00:02:05	00:02:08	issue with this is that everyone else
00:02:06	00:02:10	also wants that property that you want
00:02:08	00:02:11	so it's gonna be really hard to get it
00:02:10	00:02:13	and so there is a lot of competition
00:02:11	00:02:15	what if instead of going to college from
00:02:13	00:02:16	years 18 to 22 and spending an average
00:02:15	00:02:18	of 26
00:02:16	00:02:20	800 a year you worked as a waiter
00:02:18	00:02:22	earning an average salary of 26
00:02:20	00:02:23	800 what if during just these four years
00:02:22	00:02:25	instead of spending your extra time
00:02:23	00:02:26	getting drunk and going out you were
00:02:25	00:02:27	cool with living cheaply and created a
00:02:26	00:02:29	side hustle
00:02:27	00:02:31	that could generate 1500 a month in
00:02:29	00:02:32	passive income to cover your living
00:02:31	00:02:33	expenses
00:02:32	00:02:35	something cheap like drop shipping or
00:02:33	00:02:37	selling digital assets what if during
00:02:35	00:02:37	just these four years you invested your
00:02:37	00:02:40	25k
00:02:37	00:02:42	salary into the s p 500 which has netted
00:02:40	00:02:43	a return of 7.9 percent for the last 20
00:02:42	00:02:44	years
00:02:43	00:02:46	what if after doing this you didn't
00:02:44	00:02:49	invest anymore and just left that money
00:02:46	00:02:51	in the s p 500 until you were 55
00:02:49	00:02:52	and did whatever you wanted from years
00:02:51	00:02:54	22 to 55.
00:02:52	00:02:55	you would retire a millionaire that's
00:02:54	00:02:57	what would happen
00:02:55	00:02:59	okay so let's say you actually do follow
00:02:57	00:03:00	this plan and you go ahead and invest a
00:02:59	00:03:02	hundred thousand dollars when you're 22
00:03:00	00:03:04	years old well what's next now you're
00:03:02	00:03:05	obviously gonna have to work a job or do
00:03:04	00:03:07	something to make money between the ages
00:03:05	00:03:08	of 22 to 55.
00:03:07	00:03:09	he's basically saying that you don't
00:03:08	00:03:11	have to do anything between the ages of
00:03:09	00:03:13	22 and 55 but obviously that's wrong you
00:03:11	00:03:15	have to do something so would you rather
00:03:13	00:03:16	stik to that minimum wage job or go to
00:03:15	00:03:17	college and i would say most people
00:03:16	00:03:19	would choose college because you're
00:03:17	00:03:19	actually going to get a job that pays
00:03:19	00:03:20	more
00:03:19	00:03:22	unless you do decide you want to start
00:03:20	00:03:23	some kind of business or side hustle
00:03:22	00:03:25	then you can obviously do that but i
00:03:23	00:03:26	think majority of people would rather go
00:03:25	00:03:28	to college
00:03:26	00:03:29	what's something really important that
00:03:28	00:03:31	you should have been taught in school
00:03:29	00:03:33	but you weren't
00:03:31	00:03:35	one good airbnb property can literally
00:03:33	00:03:37	set you financially free
00:03:35	00:03:39	and the crazy thing is you don't even
00:03:37	00:03:41	have to own that property
00:03:39	00:03:43	i make multiple seven figures with
00:03:41	00:03:45	hundred plus airbnbs
00:03:43	00:03:46	and the fact is i don't own most of them
00:03:45	00:03:48	it's called
00:03:46	00:03:50	rental arbitrage model basically you're
00:03:48	00:03:51	renting an apartment or a house to sell
00:03:50	00:03:54	these legally
00:03:51	00:03:56	to rent it on airbnb and you make rent
00:03:54	00:03:58	on top of your rent
00:03:56	00:04:01	and i have few luxury properties luxury
00:03:58	00:04:03	airbnbs that i don't own that make me
00:04:01	00:04:04	over thirty thousand dollars net profit
00:04:03	00:04:06	every single month
00:04:04	00:04:08	okay so i like this idea i think it's
00:04:06	00:04:09	great and i know a lot of people do it
00:04:08	00:04:11	the only thing i'm wondering is why
00:04:09	00:04:12	would someone accept you to make their
00:04:11	00:04:14	property in airbnb
00:04:12	00:04:15	for example if someone came to me and
00:04:14	00:04:16	said i want to rent your property and
00:04:15	00:04:18	make an
00:04:16	00:04:19	airbnb i would 100 say no so i think
00:04:18	00:04:21	it'd be really hard to find someone that
00:04:19	00:04:22	wants to cooperate but
00:04:21	00:04:25	i mean if you do find someone and
00:04:22	00:04:25	obviously you're going to be set
00:04:26	00:04:30	how do you never do any work but always
00:04:28	00:04:32	have money for rent
00:04:30	00:04:33	i know it's amazing right for real where
00:04:32	00:04:35	do you get the money
00:04:33	00:04:38	look i don't want to say this but i own
00:04:35	00:04:40	this property you don't rent like me
00:04:38	00:04:42	nope i owe a thousand dollars a month to
00:04:40	00:04:43	the bank and you pay me 1300 a month for
00:04:42	00:04:45	rent
00:04:43	00:04:46	paying for my mortgage and giving me an
00:04:45	00:04:48	extra 300
00:04:46	00:04:50	a month wait so you're my landlord that
00:04:48	00:04:51	means you're living for free how is that
00:04:50	00:04:52	even fair
00:04:51	00:04:54	you need a place to live don't you don't
00:04:52	00:04:55	worry it's called house hacking
00:04:54	00:04:57	so i think house hacking is actually one
00:04:55	00:04:58	of the best things you can do early on
00:04:57	00:05:00	in life especially if you want to buy a
00:04:58	00:05:01	house but you can't afford it what i did
00:05:00	00:05:03	actually back in the day was when i
00:05:01	00:05:04	bought a house i wanted to get roommates
00:05:03	00:05:06	to help me pay the mortgage and the
00:05:04	00:05:08	bills and i did that the only issue i
00:05:06	00:05:09	had was i didn't like living with other
00:05:08	00:05:10	people and so
00:05:09	00:05:11	that's something you might have to
00:05:10	00:05:13	consider here's how i'm going to buy my
00:05:11	00:05:15	first house by age 15.
00:05:13	00:05:16	for as long as i can remember i've been
00:05:15	00:05:17	saving a portion of my income towards a
00:05:16	00:05:20	down payment
00:05:17	00:05:21	in a few months i plan to put 60 000
00:05:20	00:05:23	down and get a 240
00:05:21	00:05:25	000 house the house will be rented out
00:05:23	00:05:27	so it pays for itself and i'll hire a
00:05:25	00:05:27	management company so i don't have to do
00:05:27	00:05:30	any work
00:05:27	00:05:31	okay hold up since when can a 15 year
00:05:30	00:05:33	old buy a house
00:05:31	00:05:34	okay so obviously he's a smart kid he
00:05:33	00:05:36	already plans on buying a house he's
00:05:34	00:05:36	gonna rent it out but how does he have
00:05:36	00:05:39	so much money
00:05:36	00:05:41	it's crazy because like 58 of americans
00:05:39	00:05:42	don't even have a thousand dollars saved
00:05:41	00:05:44	up okay so there's no way this kid is
00:05:42	00:05:45	just working minimum wage he's
00:05:44	00:05:47	definitely doing something else so i am
00:05:45	00:05:53	gonna check his tiktok account
00:05:47	00:05:57	and see how he's making all this money
00:05:58	00:06:03	what is the biggest waste of money
00:06:01	00:06:04	getting a degree in gender studies but i
00:06:03	00:06:06	see what he's saying with that it's
00:06:04	00:06:07	really hard to get a job with that
00:06:06	00:06:09	degree and honestly it's really hard to
00:06:07	00:06:11	get a job nowadays with any degree and
00:06:09	00:06:12	so if you don't have something in math
00:06:11	00:06:14	science tiknology or engineering you're
00:06:12	00:06:14	going to have a hard time trying to find
00:06:14	00:06:16	something and so
00:06:14	00:06:18	i do see me saying there but if you do
00:06:16	00:06:19	like that and you want to study that
00:06:18	00:06:22	then it's your choice
00:06:19	00:06:22	what is something people are not ready
00:06:22	00:06:25	to hear
00:06:22	00:06:27	that being broke is a choice you know
00:06:25	00:06:28	what i really disagree with this one
00:06:27	00:06:30	majority of people born in poverty can
00:06:28	00:06:31	never find a way to get out and it's not
00:06:30	00:06:33	because they don't want to they just
00:06:31	00:06:34	don't have the resources to do it not
00:06:33	00:06:35	everyone is as fortunate and i think
00:06:34	00:06:37	it's really weird that he's saying this
00:06:35	00:06:38	since he basically did cheat the system
00:06:37	00:06:40	to make his money
00:06:38	00:06:42	you should never buy a house in cash
00:06:40	00:06:43	because the money you put in the house
00:06:42	00:06:46	is basically dead money
00:06:43	00:06:48	so it would be much smarter to take a
00:06:46	00:06:50	loan from the bank and only put 10
00:06:48	00:06:52	to 30 percent down on the house that way
00:06:50	00:06:54	not all your money is locked up in the
00:06:52	00:06:55	house doing nothing
00:06:54	00:06:57	and with the remaining money you would
00:06:55	00:06:58	be better off investing it in the stok
00:06:57	00:06:59	market
00:06:58	00:07:01	this is smarter because you're
00:06:59	00:07:04	leveraging your money and you will get a
00:07:01	00:07:06	much better return on your investment
00:07:04	00:07:07	so this was actually a video i made last
00:07:06	00:07:08	year on my tiktok account and i still
00:07:07	00:07:10	do agree with it
00:07:08	00:07:12	i would much rather buy two houses and
00:07:10	00:07:14	have a mortgage on both of them instead
00:07:12	00:07:14	of just buying one house and paid off in
00:07:14	00:07:16	cash
00:07:14	00:07:17	also depending on where you live your
00:07:16	00:07:18	mortgage interest could be tax
00:07:17	00:07:20	deductible
00:07:18	00:07:22	hi i'm here to buy a used car what
00:07:20	00:07:23	should we save thousands of dollars that
00:07:22	00:07:24	one will be thirty thousand dollars and
00:07:23	00:07:26	since you don't have that much we can
00:07:24	00:07:28	finance it for you at 5.5
00:07:26	00:07:30	interest um no thanks why not our
00:07:28	00:07:31	interest rate is very low
00:07:30	00:07:32	this is where you want to make sure that
00:07:31	00:07:34	you've shopped around for rates before
00:07:32	00:07:36	going to the dealer because i know that
00:07:34	00:07:37	you're giving me a 2.5
00:07:36	00:07:39	higher interest rate with your pocket
00:07:37	00:07:41	i'll save thousands by getting a loan at
00:07:39	00:07:41	two percent from my own bank so this
00:07:41	00:07:43	video
00:07:41	00:07:45	is true the only thing is if you don't
00:07:43	00:07:46	have a good credit score then you're not
00:07:45	00:07:48	going to actually get a good interest
00:07:46	00:07:49	rate from the bank and so this option
00:07:48	00:07:51	isn't going to work for you so if you
00:07:49	00:07:52	don't have a good credit score now is
00:07:51	00:07:54	the time to start building it and the
00:07:52	00:07:56	best way to do that obviously
00:07:54	00:07:58	is to get a credit card and use it and
00:07:56	00:07:59	obviously make sure you paid off in full
00:07:58	00:08:01	every single month and on time
00:07:59	00:08:03	dad i just found a way how we can evade
00:08:01	00:08:05	taxes so that sounds hella legal
00:08:03	00:08:06	but i'm listening if you have any sort
00:08:05	00:08:07	of business you're allowed to hire your
00:08:06	00:08:09	children and pay them up to twelve
00:08:07	00:08:10	thousand dollars a year and as long as
00:08:09	00:08:12	i'm doing something you can write all
00:08:10	00:08:14	that as a business expense so it is
00:08:12	00:08:15	legal if i only made 12 000 a year i
00:08:14	00:08:17	will have to pay any federal income tax
00:08:15	00:08:18	okay so this is obviously a good way to
00:08:17	00:08:20	save money on taxes especially if your
00:08:18	00:08:21	parents have a business or you have a
00:08:20	00:08:23	business for your kids the only thing
00:08:21	00:08:24	with this is your children actually have
00:08:23	00:08:25	to work in the business
00:08:24	00:08:26	you can't just say they're working in
00:08:25	00:08:28	the business and pay them because one
00:08:26	00:08:29	day if the government does decide to
00:08:28	00:08:31	audit you they will figure out that you
00:08:29	00:08:32	know you weren't doing it right and you
00:08:31	00:08:33	will get charged
00:08:32	00:08:34	so just make sure you follow the rules
00:08:33	00:08:35	because i know a lot of people like to
00:08:34	00:08:36	bend the rules and it never ends up
00:08:35	00:08:39	working out
00:08:36	00:08:41	hi i'd like to get a 250 000 student
00:08:39	00:08:43	loan so i can get a job that pays me
00:08:41	00:08:45	fifty thousand dollars a year please
00:08:43	00:08:48	okay we can help you with that just sign
00:08:45	00:08:50	here hello i'd like a 250
00:08:48	00:08:52	000 home loan so i can buy a four family
00:08:50	00:08:52	house live in one of the units and rent
00:08:52	00:08:54	the other ones out
00:08:52	00:08:55	great we're going to need a 20 deposit
00:08:54	00:08:56	proof of income
00:08:55	00:08:59	we're going to also need to make sure
00:08:56	00:09:00	you have a 700 or more credit score
00:08:59	00:09:02	we're going to need the copies of the
00:09:00	00:09:06	leases and a fuel sample
00:09:02	00:09:08	you uh i hate my job but i'm still
00:09:06	00:09:10	paying off my student debt
00:09:08	00:09:12	wow i just closed on my 10th property
00:09:10	00:09:13	just hit a million dollar net worth
00:09:12	00:09:15	okay so i'll be honest i do not like
00:09:13	00:09:17	this video because i do think that
00:09:15	00:09:18	student loans are actually a privilege
00:09:17	00:09:20	because think about it the government is
00:09:18	00:09:21	basically giving you a certain amount of
00:09:20	00:09:22	money to go and get an education and
00:09:21	00:09:23	become
00:09:22	00:09:25	something you know i know a lot of
00:09:23	00:09:26	people say an education is nothing or
00:09:25	00:09:28	it's not worth much now but trust me
00:09:26	00:09:29	there's so many career paths that you
00:09:28	00:09:30	can take today and become really
00:09:29	00:09:31	successful with
00:09:30	00:09:33	let's say you come from poverty and you
00:09:31	00:09:34	want to become a doctor but you can't
00:09:33	00:09:36	afford it well there you go you got
00:09:34	00:09:38	student loans and hopefully after you do
00:09:36	00:09:39	graduate and you become a doctor then
00:09:38	00:09:41	you can just start paying it back but as
00:09:39	00:09:42	i said it does give you an opportunity
00:09:41	00:09:43	because if you didn't have those student
00:09:42	00:09:44	loans then you probably wouldn't be able
00:09:43	00:09:46	to become a doctor
00:09:44	00:09:48	hey john what's the best stok to pick
00:09:46	00:09:50	all of them now like i want to start
00:09:48	00:09:53	investing which stok should i pick
00:09:50	00:09:54	oh you're a beginner pick all of them
00:09:53	00:09:56	what do you mean pick all of them i
00:09:54	00:09:56	don't have the money to buy every single
00:09:56	00:09:58	stok
00:09:56	00:10:00	let's say you bought one share of vti
00:09:58	00:10:03	buying this one share is like owning
00:10:00	00:10:04	3 000 individual stoks you'll own a
00:10:03	00:10:06	tiny sliver of apple
00:10:04	00:10:08	microsoft amazon if you bought one share
00:10:06	00:10:10	of tesla and they go bankrupt you lose
00:10:08	00:10:12	everything if you bought one share of
00:10:10	00:10:14	vti and a company goes bankrupt you
00:10:12	00:10:15	still own 3 000 other companies that are
00:10:14	00:10:17	making you money i actually like this
00:10:15	00:10:18	video especially for beginners looking
00:10:17	00:10:20	to get into the stok
00:10:18	00:10:22	market i still invest in index fund etfs
00:10:20	00:10:23	because i like how it's low risk and
00:10:22	00:10:25	also you don't really have to do any
00:10:23	00:10:26	research and it's easy to start with so
00:10:25	00:10:28	definitely recommend looking into that
00:10:26	00:10:29	also speaking of stoks if you do want
00:10:28	00:10:32	to get a free one worth
00:10:29	00:10:33	all the way up to 250 dollars i'll leave
00:10:32	00:10:35	a link in the description
00:10:33	00:10:37	why do rich people use a credit card and
00:10:35	00:10:39	borrow money when they already have the
00:10:37	00:10:40	money why wouldn't you do it every
00:10:39	00:10:42	millionaire uses this trick
00:10:40	00:10:44	what do you mean you can borrow some
00:10:42	00:10:45	money with your credit card to buy 10
00:10:44	00:10:47	pizza and then pay the credit card
00:10:45	00:10:49	company right away okay
00:10:47	00:10:50	but what's the point of doing that now
00:10:49	00:10:52	here's the trick if you pay back your
00:10:50	00:10:54	credit card company on time you don't
00:10:52	00:10:54	get charged any interest and you build
00:10:54	00:10:56	your credit score
00:10:54	00:10:58	build a credit score a credit score is
00:10:56	00:11:00	simply a number to see how well you pay
00:10:58	00:11:02	your credit card company on time so if
00:11:00	00:11:03	you want to get a loan in the future to
00:11:02	00:11:04	buy a house or a car
00:11:03	00:11:06	then depending on how good your credit
00:11:04	00:11:08	score is your banks will lend you some
00:11:06	00:11:08	money okay so i actually like this video
00:11:08	00:11:10	because
00:11:08	00:11:11	obviously getting a credit card helps in
00:11:10	00:11:13	so many ways it's gonna help your credit
00:11:11	00:11:14	score and you can also get reward points
00:11:13	00:11:16	so there's really no reason why you
00:11:14	00:11:17	shouldn't get a credit card
00:11:16	00:11:19	let's say you're in a mr beast video and
00:11:17	00:11:20	i offer you one million dollars in cash
00:11:19	00:11:23	right now today
00:11:20	00:11:24	one million dollars or i offer you a
00:11:23	00:11:27	hundred thousand dollars
00:11:24	00:11:28	every single year until the day you die
00:11:27	00:11:29	which would you choose
00:11:28	00:11:31	okay so in this case you probably have
00:11:29	00:11:32	to pay taxes you're probably gonna have
00:11:31	00:11:34	to pay about four hundred thousand
00:11:32	00:11:36	dollars if you take a million and so i
00:11:34	00:11:37	wouldn't do that i would just take a
00:11:36	00:11:40	hard thousand dollars a year
00:11:37	00:11:42	here's why you'll never be rich
00:11:40	00:11:44	cause you spent way too much money you
00:11:42	00:11:47	make a hundred and you spend a thousand
00:11:44	00:11:49	stop buying the gucci the louis vuittoni
00:11:47	00:11:50	the burberry and the rollies stop trying
00:11:49	00:11:54	to be ebola
00:11:50	00:11:57	when you got no dollar be a true player
00:11:54	00:11:58	not a faker get rich before you try to
00:11:57	00:11:59	look rich
00:11:58	00:12:01	so i see this guy on stage all the time
00:11:59	00:12:02	and i actually do like his advice but
00:12:01	00:12:04	one thing i will say here is the
00:12:02	00:12:05	solution to your problem with money
00:12:04	00:12:07	usually isn't to pinch
00:12:05	00:12:08	every penny what you need to do is
00:12:07	00:12:10	actually just make more money that's
00:12:08	00:12:11	going gonna solve your problem because
00:12:10	00:12:12	let's say you're only making like a
00:12:11	00:12:13	thousand dollars a month that thousand
00:12:12	00:12:15	dollars can go really quickly and
00:12:13	00:12:16	obviously you can't really save much of
00:12:15	00:12:17	that but
00:12:16	00:12:25	if you just make more money then it
00:12:17	00:12:25	obviously makes your life a lot easier
00:12:35	00:12:39	[Applause]
00:12:36	00:12:39	so
00:12:47	00:12:51	okay so there's way too much going on
00:12:49	00:12:52	here forex stoks
00:12:51	00:12:54	drop shipping and personal brand
00:12:52	00:12:56	honestly you should just pick one
00:12:54	00:12:57	focus on mastering one and later on you
00:12:56	00:12:59	can kind of dip your toes into other
00:12:57	00:13:00	options but you should never do all
00:12:59	00:13:02	these things at once
00:13:00	00:13:05	this is why the rich stay rich and the
00:13:02	00:13:07	poor always struggle financially
00:13:05	00:13:09	here is how they spend their money
00:13:07	00:13:11	differently and this is what they do
00:13:09	00:13:12	so the poor people when they get paid
00:13:11	00:13:14	hypothetikally
00:13:12	00:13:16	they get their money and then instantly
00:13:14	00:13:18	their money goes towards paying debt
00:13:16	00:13:20	while the middle class they are
00:13:18	00:13:22	struggling living comfortably
00:13:20	00:13:24	but they're always on the nine to five
00:13:22	00:13:26	grind they can never escape that
00:13:24	00:13:28	working mentality so they get paid and
00:13:26	00:13:30	they pay off their liabilities and
00:13:28	00:13:33	eventually their last step
00:13:30	00:13:35	is to finally save a little bit of money
00:13:33	00:13:37	while the rich the rich stay rich for
00:13:35	00:13:39	this exact reason they let their money
00:13:37	00:13:41	continue to work for them
00:13:39	00:13:43	they get paid they start saving first
00:13:41	00:13:44	they pay themselves first
00:13:43	00:13:46	and secondly they put their money
00:13:44	00:13:47	towards investments and then the
00:13:46	00:13:48	investments continue to make more money
00:13:47	00:13:50	and profit
00:13:48	00:13:52	i also think this is a good introduction
00:13:50	00:13:53	video to personal finance so it does get
00:13:52	00:13:55	a check mark from me and i actually do
00:13:53	00:13:56	this at the moment so whenever i make
00:13:55	00:13:58	money i like to put about 50
00:13:56	00:14:00	of it in the stok market and when i do
00:13:58	00:14:01	that it makes me money while i sleep
00:14:00	00:14:03	and if you do want to start with this
00:14:01	00:14:05	but you don't really know what to do i
00:14:03	00:14:06	highly recommend looking into dividend
00:14:05	00:14:08	stoks and if you don't know how that
00:14:06	00:14:09	works i'll link a video up here that you
00:14:08	00:14:11	can check out but that's all for this
00:14:09	00:14:12	reaction video let me know if you guys
00:14:11	00:14:14	like these types of videos because i
00:14:12	00:14:15	will make more of them and also if you
00:14:14	00:14:16	do want to learn more about making money
00:14:15	00:14:22	i'll link
00:14:16	00:14:22	two videos here