Millionaire Reacts to Money Advice on TikTok!
Published on: December 2 2022 by Sara Finance
Millionaire Reacts to Money Advice on TikTok!
Table of Contents
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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