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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!

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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

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