welcome welcome just making sure all
right we are live welcome miles here
miles bechler calm this video is about
to reveal the 8 most dangerous words for
successful entrepreneurs and even for
high income earners talked a lot about
personal finance in the last few videos
because it's one thing to make money
right and that's what most of the videos
on this channel are all about is making
the money it's a whole nother ballgame
to keep money and it actually is more
difficult to keep money than it is to
make money and once you kind of get a
little bit of experience on your side
you get a little bit of a few wins under
your belt you'll find that that there's
an almost infinite number of ways to
make money but there's also almost an
infinite number of ways to lose money
which is unfortunate there's very few
ways to truly keep and grow your money
so this video is gonna dive into the 8
most dangerous words for successful
entrepreneurs and high-income earners
because they've already got the make
money game figured out and it's the
other side of the equation so I first
learned this from Ken McCarthy who is
probably one of the pioneers of
e-commerce and one of the pioneers have
actually just flat-out selling things on
the internet in the mid-1990s and he had
an old membership program called the
system club and in it he had a free
report it was a wealth report that he
gave I believe me call it like the
freedom report or something and this
idea is straight out of there and the 8
most dangerous words are what do I do
with all of this money actually it's
what do I do with all this money that's
8 words I put up in there that would be
nine words so to keep it on theme what
do I do with all this money and that's
one of the biggest danger zones for
successful entrepreneurs because what
from a impoverished background you might
be coming from a scarcity mindset you
might be coming from an upbringing where
you're not used to seeing $30,000 a
month $50,000 a month or a hundred
thousand dollars per month income and
then you pour those levels of income and
all of the sudden this thought creeps in
what do I do with all of this money
which can lead people it's that whole
money's burning a hole in your pocket
and it can lead people to jump into poor
make poor decisions and jump into poor
investments and ultimately lose large
portions of these monies you can get
scammed out of money completely or you
just buy the wrong thing at the wrong
time or even buy the right stock at the
wrong time and you can still get a 50
percent 60 percent haircut on what you
take so this is kind of the reality and
what I want to give you as a few
examples and understandings of the ideas
he presented in the book and what I've
taken from that and kind of adapted and
molded in my life so number one is just
being ok with number 1 pay off all debt
that's associated with liabilities
that's that's the first and foremost
thing that you always want to do is any
debt is associate with liability has to
go because that's just sucking money
away in the form of interest now is your
the home you own and live in yourself a
liability or an asset that's up in the
air I do believe that's a liability but
again if you had 3% or a 4% mortgage
that's very very low cost money then you
want to build up your emergency funds
and it's ok to have lots of money in
bank accounts you see there's this fear
that is perpetuated by Wall Street by
the investing industry that in that
inflation is going to inflate away your
money so just leaving your money in a
bank account is a bad idea because the
big scary inflation thing is going to
make your money worth nothing and I want
to ask you if five years ago you put two
hundred thousand dollars in a savings
account and did nothing with it and you
didn't even earn any interest right over
the last five years maybe you have one
and a half two percent and you had a
hundred thousand dollars in the bank
account today did inflation erode away
your earnings well what if you put it in
the incorrect stock in that time and you
got a 65% haircut see that's the real
problem with rushing into investments
now there is a time to invest but
generally speaking the biggest and most
important rule of investing is invest in
what you know this is so key because if
you're taking investment ideas and
getting investment I have like advice
from the talking heads from the
individuals on some of these TV shows
that are talking about this stock that
stock the other stock and you are buying
based on random recommendations buying
things you don't
fully understand in industries you don't
fully understand from companies you
don't fully understand that sell
products you don't fully understand who
are run by leadership teams you don't
fully understand you are setting
yourself up to get a massive haircut on
your net worth meaning you're setting
yourself up to lose a lot of money so
putting it into a bank is better than
losing it in the stock market I think
that's a very easy agreeable item so
there's money market accounts right now
you can get about to 2.2 2.3 percent
from money market accounts
there's also buying Treasury notes you
can buy Treasury notes on a four-week
cycle and they pay back about that same
amount kay so you put in twenty thousand
dollars and you get a little bit back on
the two point two percent APR broken
down on that whatever that that
four-week turn is and you can cycle the
money that way to make a little bit of
return to not lose it then now going
deeper on this idea of invest in what
you know if you enjoy these videos
talking about investing and talking
about what to do with your money be sure
to give it a thumbs up because I'm only
seeing like five of these here and I
don't know if you guys actually like
this kind of content so I figured I
would ask and if you do hit the thumbs
up I'll see that number go up and that's
how I know you like these types of
videos but investing what you know so
the first place to look is what did you
just do to create this massive amount of
income that you have that coming in
right oftentimes reinvesting back in our
business itself is the absolute best
place to go but at some point I
understand that you'll want to diversify
now what I've done in this world is my
wife and I started one brand first and
that brand started generating
significant cash flow for us then we
have now got a separate brand going on
okay so I've divided into two separate
brands and actually I'm building out a
third and a fourth brand right now so
this is a way of going wide in an
industry I understand I understand
search engines I understand email list
growth I understand
paid advertising I understand
copywriting so I'm able to double down
on all of these skills all of these
things that I deeply understand into
different niche markets completely
different verticals right they're very
very different from each other so if
something happens to one of those I
still have multiple of
within each business we start with one
marketing channel okay my wall I started
with blogging first I started with
YouTube first my other websites are
starting with vlogging first and then
we've reinvested in opening up
additional marketing channels just like
how I spent hundreds of thousands of
dollars in pay-per-click advertising on
Facebook to grow my email list okay
that's a different marketing channel on
my main business
so there's diversifying traffic sources
so there's diversifying where the
customers are coming from within one
specific business and then there's
diversifying out the businesses through
having multiple different platforms
essentially multiple different websites
in multiple different verticals or
markets now at what point do you want to
start to divide your focus that's a
really really key thing for you to think
about you need to have a team you need
to have systems in place and you need to
make sure you have massive momentum on
the one before you go add on a second
for my wife and I this worked out in
about six and a half years of going
all-in on one business between the two
of us and building a team and getting
things really going then we decided to
add on a second one so it was after
about six and a half years that we
really started to add on a second one
and now that we've got these two working
and I'm grown the team to be able to
manage these two it took about two and a
half years about three years to start to
add on that third one okay so that's
that's been our process the next place
you want to look is what ways can you
invest money in a tax beneficial manner
okay in order to really understand this
you need to have a great CPA an
accountant a certified public accountant
on your team and this CPA should know
small businesses they should be a small
business owner themselves and they
should know the difference in the
benefits for you between an LLC and S
corporation a C corporation etc because
there are ways to structure your entity
and to structure your pay for yourself
right separating the business and your
personal and get your business to
essentially match you on your retirement
accounts so there's I believe it's
upwards of eighteen thousand five
hundred dollars or so and it goes up
just about every year that your business
can match you in certain situations now
again it requires an accountant to
understand how this works why this works
and how to implement this and that's the
I've received but as a business owner
you can your business can match your
contribution up to this $18,000 which
means you can get an $18,000 business
deduction when done correctly under the
advisory of an accountant you can get up
to an eighteen plus thousand dollar tax
deduction from your business to
essentially put that money into a
retirement account for you so you can
set up into Vanguard you could put it
into an index fund you can forget about
it it might take a haircut it might grow
it's gonna have ups tears it's gonna
have gone years but the goal of index
investing is to leave it forget about it
for 30 years and the theory is that over
the course of 30 years it will go
massively up in the correct direction is
that a guaranteed truth nothing is
guaranteed in this world but there's a
lot of people who truly believe in that
kind of process of investing John Bogle
the Bogle heads org forum they talk a
lot about this investing style well
that's for you or not it doesn't really
matter to me that's just one of the ways
you can take business income that was
about to get taxed by the government and
put it into a retirement account to
essentially grow for your future itself
yet another way that you can kind of get
a benefit on the tax side by putting
money away for your future self and
that's a really powerful idea from there
when you want to get into the world of
investing you have to really date dig
into things you know about so I've been
studying specific sectors for many years
now there's a there's there's one little
sector there's one little part of the
world of all of the tens of thousands of
different public companies in the world
I think they're something like 3,000 or
more public companies in the United
States and I found one little sector of
them that I've been studying non-stop
for about seven eight years then I've
learned everything I can about them how
do they work how do the businesses
operate where do they get their products
from how do they sell their products and
I've understood their business model
I've understood the macro-environment
that it works around okay what are the
different influences what is a change in
interest rates due to this business
model what does it change in business
structure when two businesses merged
what does that often mean and I'm
understanding it from a stand
point that I now get how these
businesses work I now understand who
some of the big core key CEOs who do
great with these businesses are I now
understand a few commentators who
comment on them and are often correct in
their assertions because I've been
following them for five to seven years
and at this point I've started a trading
account that I've put a very small
amount of money and I just put fifteen
thousand dollars in and my honest
expectation is that this is just like
tuition for a school the odds are all
that money is going into the learning
process okay I kind of have this
readiness to lose all 15 and then re-up
that 15 and after spending you know my
college degree cost me fifty thousand
dollars that didn't really teach me how
to make any money so I spent $50,000 on
a piece of paper so the thought has been
well I'm going to allow myself to invest
in this area that I've been studying for
many years and I'm gonna make very small
bets no one investment is five percent
of my investment total right so five
percent of my fifteen thousand is seven
hundred and fifty dollars so when I have
this brilliant idea I'm like ooh this
company it's right the timings right
they just have this report come out the
earnings came out they've had
quarter-over-quarter growth in earnings
etc and I believe this is a good one
seven hundred fifty dollars is the
maximum I allow myself to invest in that
because that's five percent if I always
do a maximum of five percent
out of my 15 grand that means that I'll
have a guaranteed 20 different
investments at minimum right as long as
I don't lose all of my money every time
and I'm learning to use stop losses
trailing stop losses and I am studying
the actual skill of trading and
investing I'm reading books like Mark
Minerva's books I'm reading the old
books by the guy who started Business
Insider's which is a paid subscription
information service he's got an old book
it's like how to get rich in the stock
market it's got like this totally cheesy
and scammy title but it's really good
I've been through the market Wizards
books several times okay I've read
probably nine or ten books that go all
in on the fundamentals of trading itself
the actual how to how to execute a trade
how to time it
trait how to read a chart how to know
when to get in how to know when to get
out how to expect the unexpected all of
that stuff so I want to put this all
into an umbrella for you because coming
back to the eight most dangerous words
for successful entrepreneurs that are
what do I do with all of this money
here's what often happens large amounts
of income come in to someone who's used
to making small amounts of income if
you've made fifty thousand dollars per
year and that's your kind of fiscal
threshold right that's what you're
comfortable with that's what you think
you're worth and all of a sudden you
start making a hundred thousand dollars
per month okay so your monthly income is
double what your old yearly income is
oftentimes people in this situation will
see the money go out as fast as it comes
in they spend lots of money on
liabilities like fancy cars Italian cars
big houses that they'll never be able to
resell they built custom houses that no
one will actually want LeBron James in
the middle of Ohio built a mega mansion
that there's pretty much one person who
wants that house which is LeBron James
right after building that to sell it he
would lose 50% to 80% of what he put
into that house now probably doesn't
matter for him but for us if you have
some something killer going on you need
to make sure and protect every single
dollar that's coming in as best you can
because you don't know when the game is
going to be up you don't know when the
algorithm change is gonna happen when
Facebook stops allowing you to run your
ads when your funnel stops working we
don't know when these things happen so
we need to be smart with every single
dollar that comes in in this situation
okay and then now you have the income
coming in and often it goes right back
out to the liabilities but then what
happens is all these great investment
ideas start to pop up the Robin Hood app
on your phone you're gonna why Olo
you're into the wall street that's on on
reddit and you're just like I'm going
all in and I'm gonna droop 'el this and
all of a sudden you start to lose money
lose money lose money and what happens
is this money-making game that you've
got going that initiated this new
problem situation if you will now you're
reliant on this to make up for all of
the losses and for all of the bad
decisions financially that you've been
making versus the money machine keeps
spitting out money and you run it
through a multiple account system which
I taught in one of the previous videos
from this
and your wealth grows and your account
for playing grows and your account for
giving grows and everything running
through a very specific percentage based
system write a zero based budget system
is always going to leave you in a
financially secure position
most people go all-in on making money
when it finally happens it goes right
out the other way and if you want an
extreme example of this go study what
happens to most lottery winners you see
people who play the lottery often have a
scarcity mindset when you put a ton of
money into an individual's bank accounts
who has this scarcity mindset scarcity
principles are applied and the money
will go right back out and something to
the tune of 80% or more of lottery
winners end up with less money after
than when they started
which is absolutely crazy and the number
of bankruptcies that happen from lottery
winners is astounding and when you see
that data point you're gonna understand
exactly what we're talking about here
because what happens is they get all of
this money in because they won the
lottery and they take the one-time
payout and boom it's right there in
their account what thought do they think
what do I do with all of this money and
then they get all these crazy ass ideas
and then they go execute on it and their
cousins got an idea and they got an idea
and this person needs money and that
needs money they have no system they
didn't run it through a system to say
okay here's my investing account I'm
taking 5% of everything I earn I'm gonna
put it into an investing account so I
can learn how to invest because I want
to manage my money over time that's the
way I've approached it is to take of
it's not even 5% for me that goes into
the investing account I save and
actually put it into other types of
investments way more than 5% but the
amount that I'm allowing myself to trade
with is less than one percent of my
income less than one percent okay so I'm
literally just testing and fiddling
around with pennies but most people go
all in on that whole account they think
I got this coming in it's never gonna
stop I'll never run out of it this is
the more money than I've ever seen in my
life sure enough it finds a way because
money is attracted to those who are most
disciplined with money the world of the
markets in the world of Wall
Street is designed to separate you from
your money it is an incredibly
competitive gambling environment that is
what it is when you really truly need to
go all in and get domain knowledge and
that could be real estate for you maybe
you decide that you want to start a
collection of rental houses and you want
to be a landlord as long as you
acknowledge that is a full-on second
business model that not only requires
money but it requires a lot of time as
well and research and you have to
understand how that game works great
commit to it so phase one is get your
business going right then you want to
pay off your debts you want to run all
of the income you're getting through a
multiple account system that will break
you off a little bit for fun a little
bit for paying off debt a lot of it's
gonna go to long-term savings and then
you can break up your long term savings
a small percentage of that can go into a
trading account if you want most of it
can go into your tax advantaged account
as I mentioned they the one you get a
tax deduction for maybe you leave
yourself with twenty percent of all of
your investment monies go into rental
properties and you save that account up
and every time it hits a hundred
thousand dollars you go do another deal
maybe in your market you can do a deal
on fifty grand
I don't know what that is you would need
to know what that is and then you let
your accounts grow themselves and when
you're when your real estate investing
account gets to 50 grand you know that
you can go get a rental property you
have money for fix-up you have money to
hire the property management team and
there you go starting a collection of
rental houses your big time cash flow
comes in it trickles out tax advantaged
accounts you've got long term savings
you got your your your account that is
designed to handle emergencies known as
the emergency account is full then
you've got your real estate investing
tree it all works because it's based on
a system if you don't have a system the
odds are that money's gonna find a way
out to someone who does have this system
it's gonna go work for them in their
system and you're gonna have a day a
moment of reckoning of man I was doing
this for a while and then that fell
apart now I'm down here and I ain't got
nothing left and I don't want to see
that for you I've seen that so many
times in the world of internet marketing
there's so many people so many
entrepreneurs who flash-in-the-pan
victory and when that comes back down to
earth which it
we'll at some point in time they were
not prepared for that and they had all
their money out into some rubbish
investments and when they ended up
selling them at 60% discount and 30% of
what they had they're getting pennies on
the dollar back from what they spent
they no longer have a nest egg to live
on you see it all the time in
professional athletes they're extremely
high income earners Mike Tyson earned a
half a billion dollars in prize fighting
and prize funds in his time and he
declared bankruptcy with over 20 million
dollars in debt this happens on every
level and we entrepreneurs need to
understand this so if you haven't
watched my previous videos definitely do
because I've taught a system in that
that you can use it's a zero budgeting
system and I don't care if you're
budgeting yourself to get out of debt to
climb out of a hole or if you're making
$100,000 a month and you're budgeting to
set yourself up to have a lot of fun now
I'm not negating that there's an account
for that if you watch the video but
you're really setting yourself up to
make sure that you get to your true
financial freedom point where you never
actually have to work again in your life
at that point you are truly free but it
takes discipline and it takes
understanding it takes domain knowledge
it takes truly knowing what you're
getting into and then really committing
to the process of learning if you want
to become a real estate investor great
it's gonna take years to really figure
that game out if you want to become a
trader and an actual investor in Wall
Street in stocks great it's gonna take
years to actually figure that out so
while you're growing your income from
your business run it through those
systems and get started on learning
those things also but I would highly
recommend that you go all-in on what
you're good at first my wife and I have
grown this business to multiple millions
of dollars now we have multiple
businesses all firing off multiple tens
of thousands of dollars per month so if
one of those disappears for some crazy
reason which is I don't expect and I
don't think it will happen but if it did
for protected we have more than one if
one of our traffic sources from under
any one of those disappears
we're still good our businesses are
still gonna keep going because of how
we've built it we've got structured
systems at every level we've reinvested
in our businesses we've invested in
great accountants to help us understand
this game we've invested in ourselves
I'm investing in my future self I'm
investing in future ski
to help my monies make more monies and
that's what I got for you today I
appreciate you I thank you guys very
much for your time today I'm going to
end it at this point so if you enjoyed
this video give me a thumbs up if you
watch the whole video you're like dude I
didn't know you were going live you have
to subscribe and then you have to hit
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because if you hit the bell icon when I
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it'll push a notification through the
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hit the Bell yet so do that give me a
thumbs up you've enjoyed it I appreciate
you I appreciate your time it's funny I
see a cryptocurrency reference and talk
about a lot of people buy into the
topics they don't know what they're
buying into and it falls down to nothing
and oof a lot of people saw some big
haircuts on the drop from $19,000 per
Biddy down to $3,000 per Biddy people
took mortgages out people put hundreds
of people's who put their life life
savings at 19 and wrote it down to three
and now they're excited is at ten
because they're almost back to fifty
percent of what they put in don't be
that person if you want to say 1% of 1%
and play with it play with it
I got exposure to that market it was a
tiny tiny percentage and guess what I
got my first eath at nine I got my first
biddies at six hundred why because I've
been studying this stuff for a decade
right that's how you need to approach
the game to really know when things are
aligned right for you I'm gonna leave
that at this point I appreciate you
thank you I'm gonna keep doing more
videos thumbs up if you like these types
of videos about finances about wealth
about money managing money etc I can do
more of these but it doesn't really look
like you guys like these because not how
many people have hit thumbs up and
that's totally ok cuz it's just my
Saturday and I enjoy doing this video
for you and I look forward to connecting
with you on the next video till we meet
again my friend be well Cheers
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