might be on might not be on we're live
welcome miles here miles been calm and
this video is all about wealth habits I
want to share some of the top habits of
wealth that I've learned and implemented
in my life to completely transform my
relationship with money and my financial
situation you see your habits are
creating your life you're doing a lot of
people do the same things we often think
the exact same thoughts we did the day
before day in and day out same actions
same thoughts therefore the results are
the same in order to change your life
situation we need to think new thoughts
and we need to take new actions in a
different direction so when I was tired
of being broke all the time tired of
being $50,000 in debt feeling like I was
drowning under my debt I decided to
learn what wealthy people and wealthy
families did and out of that I then
started taking actions and I started
doing and implementing what these
wealthy families did and now at this
point I'm gonna share with you 10 of
these items it's not conclusive this
isn't the the only ten things but I feel
like these are some of the most
important that I've learned and I've
been able to implement so jumping right
into the ten wealth habits number one
you must pay yourself first ultimately
to grow wealth you need to build up a
nest egg and then at some point you want
to get these monies that are in your
nest egg to go create more monies money
loves to multiply it actually does when
you put it in the right places throw in
a bank account it's going to multiply
put it in the right type of cash flow
real estate it's going to multiply even
some web assets it can multiply but if
you don't have said nest egg to invest
anywhere you don't have anything that
can go multiply you might be thinking
about miles but I'm broke I don't have
the money to go pay myself first I can't
even pay my bills well guess what if you
can't pay your bills now if you pay
yourself 10% you're still not gonna be
something magic happens when you
actually commit to and you prove that
you can manage your money and the
biggest part of this is pay yourself
first there's a great audio book called
the richest man in Babylon it's an old
story it's a fiction story and it's a
great book it's available for free on
audiobooks you can find it it's a free
book on I believe Gutenberg but you can
find the audiobook here on YouTube and
it really just preaches that idea of hey
yourself first get an emergency fund
then build a wealth account you'll be
amazed at what you can ultimately create
number two is constantly seeking to
increase your savings rate and this
happens from two separate directions
earning more and spending less okay as
we earn more and spend the exact same
amount that actually we'll be able to
increase your savings right okay hold on
so if you're gonna be invest if you're
gonna be saving if you live on forty
five percent of your income okay and
then you earn more income you should be
able to live on forty percent of your
income because your income just went up
what do you do with that extra five
percent you put it into your wealth
account right that's that savings so
this is how you can kind of just kind of
keep working your numbers within your
personal ecosystem your personal finance
system to always be focused on
increasing your savings rate looking
around at where you spend your money
running a budget through that you need a
budget system if you want paying
attention to what you're spending money
on buying a car you can pay cash for
instead of getting into payments for all
its debt in a minute but these are all
of the different kinds of things that
wealthy people look at in order to
maximize their savings rate and
constantly increase their savings rate
because the goal is how many of my
money's in my earning can I put into an
asset that's going to go create more
monies that's the way that wealthy
people think and on the other side of
the coin it's okay I want these things I
want a liability I want to Apple watch I
want a fancy car I want to be one of
that without a thought of that Mercedes
has a hundred and fifty dollar oil
change or the Lambo has a four thousand
dollar oil change versus the oil change
I can do on my truck because I just kind
of like working on my car when I'm
listening to audio right so there's all
these little bits around your life that
money is flowing its way out of your
pockets into other people's pockets and
when you make sure that flow is mainly
focused on filling up your wealth
accounts by increasing your savings
account that is something that wealthy
people do and that is a habit that I've
kind of learned to do now number three
no debt for liabilities okay there is an
argument to be made about
using debt for assets okay rental
properties right so if you want to go
borrow the amount for a mortgage on a
rental property and that rental property
will cash flow meaning you borrow
$200,000 and you get a renter in and
you're making $500 a month positive cash
flow from money that you borrowed that's
a good use of debt right there are times
and ways to use debt for good the bad
ways to use debt are for liabilities
what are liabilities they're things that
don't make you money Apple watches
liability cars are liabilities right
everything that actually requires you to
pay money into it every month or ongoing
for maintenance and upkeep etc that's a
liability things that bring you money
are assets
wealthy people focus on collecting
assets and sometimes they use debt for
assets but they rarely if ever use debt
for liabilities if it's free 0% interest
there's some times that it does make
sense and some wealthy people will take
a 2% loan and put the money in the stock
market because they think they'll get a
7% return but buying things we can't
afford now and putting it on debt
because we want it and it'll emotionally
evoke a feeling that is a trap and that
is a slippery slope away from the
mountain of wealth that that you
ultimately want to create it's
ultimately and effectively taking money
that you could be putting into your
savings in your wealth account and it's
putting it into things that are going to
depreciate in value and you can't sell
an Apple watch for what you bought it
for and that money just disappears every
dollar is potentially an employee when
you spend that dollar okay when you
spend that dollar it's gone it can't go
make more for you but when you invest
that dollar it can go out and make more
dollars for you wealthy people always
focus on putting their dollars in places
and employments that can go bring more
money in the other side of the coin is
those dollars go out to things that are
expensive and you don't get any money
back and it's just gone and the worst
case scenario is using debt to
facilitate that process because you're
actually spending your future energy now
and it's just a very slippery slope at
number 4 investing in education
financial education I honestly think
that emotional education if you're
married like learning how to cooperate
in love and
live with your spouse is a great thing
divorces are incredibly expensive from
what I've heard there's the this
investing in education is far greater
than simply financial education I think
it's extremely important to know how
money works I think it's important to
know the difference between money and
currency do you know the difference
between money and currency are you
familiar with how the fractional reserve
banking system works these are very
basic ideas that are there are societies
founded on okay the banks that you use
it's a fractional reserve banking system
and we don't really use money anymore we
use currency and it's a very big
distinction most people if I ask them if
they know what those things are the
answer is no I don't but if I ask most
people to name four characters from the
game of Thrones
one two three four why because most
people spend their time watching and
wasting time on chewing gum for the mind
watching television shows instead of
reading the books and going through the
educational materials to educate
themselves on their world of finances
but I guarantee that wealthy people know
how the banking systems work what
fractional reserve banking is how
compound interest works and how to get
that working for them okay so it's just
a distinction on where that time and
energy is focused I read a lot of
material on investing in the evenings
that's kind of I've trained myself to
enjoy understanding how all of that
works and I'm continuing to educate
myself as an investor with my free time
because that's what wealthy people do
that's where I want to go therefore what
I shall do okay it's pretty simple when
you really break it down in this step
number five take ownership of absolutely
everything right I mean everything in
our world boss sucks well you chose that
job okay
car broke down well eventually at some
point you chose that cart right that
every single thing in our life requires
ownership to be taken upon it and the
sooner we take ownership of it versus
the victim mentality of this happened to
me so what the real question is or the
real situation or place to be is that
there's a lot of that's just what is in
our world okay rough upbringing grow
poor yep so did I so what that's just
what is what am I gonna do about it how
am I going to leverage this how am I
going to turn this into a positive
saying where's my secret hidden power
within that which happened to me at a
young age okay and I know that that life
can be dramatic and traumatic for people
who read Oprah's story if you want to
hear a story of someone who grew up in
incredibly challenging conditions I mean
just talk about the the deck being
stacked against that woman and look at
what she has created in her world it is
possible and it's people who take
ownership of absolutely everything in
their life who seem to be able to get to
okay what are we gonna do about this and
that's the key and that's where a lot of
wealthy people focus is like okay cool
that's a whole lot of what is I don't
care about it I don't to judge it I
don't want to bitch about it and I'll
moan about what are we going to do about
it how are we rectifying this situation
and then I'm gonna actually jump one and
come back you know that sorry I'm on my
notes here I'm actively looking for
problems to solve is something so this
is number seven or skip number six we'll
go back to it so out of that idea is
that wealthy people actually seek out
problems to solve that is one of the
biggest things that wealthy people
especially when you get into the world
of entrepreneurship but even in the
corporate world right even in the
business world even working through
middle management seeking out problems
and work throws seeking out problems
within your your logistical line within
the company whatever that is wealthy
people always go into and after they
charged for problems because they know
that solving enough problems especially
for other people is actually a massive
way to generate wealth if you're able to
solve supply chain problems for a large
corporation not only is there potential
for you in that situation to get
promotions to get noticed for being the
one who brings that to the table but
maybe you can go apply what you did to
other businesses as a consultant and
then you can stop trading dollars for
hours and you can start getting paid
based on the results that you're
creating because you found a better way
to do that which a lot of corporations
do as entrepreneurs we're often looking
around at our audience and surveying
right that's one of the big things to do
in the world of digital marketing survey
your audience ask them what their
biggest challenges are go create or find
and as an affiliate promote the
solutions they're already seeking for
okay so wealthy people go into and look
for problems to solve and the other side
of that coin is people they
try to avoid them they drink a lot of
beer or wine or they smoke weed or they
go on Netflix vendors they do things to
mentally numb themselves from the
overwhelming feeling of their challenges
versus taking those challenges head-on
once we get our own challenges kind of
we get on the path to solving those and
we start to look for helping other
people solve their challenges that's how
we can open ourselves up to more income
coming in then you loop back up to the
top of the list right percentage of
everything that comes in gets paid to me
first and foremost so we're increasing
how much we're earning we're putting
money away for ourselves we're
increasing our savings rate this is how
wealth is created within one single
generation so they seek out leverage
this is number six I'm all over the list
but weirdoes will be the seventh one in
something like that but anyways there
are ten total on this list um
seeking out leverage so there's two ways
that this works that that wealthy people
leverage this number one is other
people's time okay so at this point in
my business I've got I don't know a
dozen 18 people or so who do different
jobs and tasks within my corporation
from customer support to search engine
optimization to writers to research to
layout to designer so I'm leveraging the
amount of hours that my business is able
to create work product within okay so
when Myles and Melanie were the only
people working on the business we would
do 70 ish 80 hour weeks okay it says a
hundred and forty hours a week or so of
work product that we were able to bring
forth but now that I've got multiple
full-time teammates and I've got a dozen
or more part-time teammates and Melanie
and I are still working in our business
collectively we are able to accomplish
three to five hundred man-hours of work
product each and every week and melly
and I get to be focused on the highest
value okay not we're not just doing all
of the tasks we're not doing the
absolute highest value tasks
why can we focus on that because we've
leveraged the time and energy of other
people specifically specialists to do
all of these other things that we aren't
absolutely spectacular at okay so that's
one side of the leverage argument number
two is leverage
the money's okay and this is where real
estate comes in for a 20% down payment
you can take control over an entire
property so you can for a $200,000 house
you can get control of said property for
$40,000 which means you put in 40 and
you get the the appreciation you get the
tax deduction of depreciation and the
potential cash flow from renting a
$200,000 house you didn't have to put
two hundred thousand dollars of your own
money out of your pocket into said house
you only put $40,000 in okay so you're
getting this forty thousand dollars to
leverage itself to obtain a two hundred
thousand dollar asset so that's how
leverage can be used from a financial
perspective but it can also be used from
a time perspective for entrepreneurs as
well actively looking went over that one
so wealthy people sever the dollar four
hours connection okay so the whole
trading dollars per hour is a trap being
an employee you have one of the worst
tax rates being a business owner you get
all kinds of tax benefits right and
you're really putting yourself in a
situation where other people control how
much money you're going to make there is
some control that employees have the
ability to go jump ship and go to
another company the ability to skill up
and to develop more professional skills
and to add value to your employer there
is obviously an ability to earn more but
when that income is translated from
exchanging dollars for hours to being
based on the results that you're getting
for other people or the number of items
sold okay like a percent of profits type
situation the ceiling of how much you
earn completely disappears right so this
is how I was able to go from a customer
support job that was thirty thousand
dollars a year that was kind of like my
sweet spot call center customer service
manage Department I was good at that
okay thirty forty thousand dollars a
year maybe in the Bay Area I could have
got up to sixty thousand dollars a year
but the cost of living out there is
ridiculous okay so that's where I was
before I really went down this path of
digital business now I've got my sights
set on building a 10 million dollar per
year digital media company that's where
I'm going
lot different
potential there in this world and that's
because I'm no longer paid for the hours
that I put in I'm now paid for the
results that I get for other people and
for the items that I sell
sometimes those results are sales for my
affiliate partners right they want sales
they'll give me a commission for every
link that are every person who purchases
so I send traffic of the traffic some
people purchase they're so appreciative
of that result they got more sales that
I get a commission in that situation not
to mention when I help people grow their
businesses through my memberships etc
and and the all the other things that we
sell so it's it's severing the dollars
for our transition for me it went from
being an employee Ryan so straight hours
four dollars and then I transitioned
into doing freelance work that was the
easiest next step and ultimately I was
still trading dollars for hours as a
freelancer but I was able to leverage
the time of other people and I was able
to take on a lot more projects and I
personally could do myself which
increased the amount of money I was
earning because I was earning money
based on the output of my team and not
just a work product that I was able to
do from there I learned how to build and
package digital products and sell
affiliate products and grow email lists
which is where I started to get scale on
my side and that's how it worked for me
the cash flow quadrant book by Rich Dad
Poor Dad Robert Kiyosaki is actually a
really good book on that but I've got a
video on the cash flow quadrant here you
can find that on the channel by
searching get paid for results get paid
for the number of items that sell is the
goal sometimes we have to one step our
way through being a consultant or
through being a freelancer to ultimately
get there but but severing that dollar
for our relationship with money and
changing that to a system that really
doesn't have a big ceiling above you is
something that all wealthy people have
done number nine having clear goals or a
very clear vision of what you're
bringing forth into the future right so
there's this kind of idea out there that
if you don't really have a goal for your
life you're just gonna be a part of
someone else's goal and this is where a
lot of employees find themselves is
you're just there working with in middle
management they're working with in a
call center they're working within a
warehouse they're working within a
greater
that is someone else's vision right Jeff
Bezos has a vision for selling
everything and crushing every competitor
in the world and now how many employees
work for for Amazon from the Amazon
convenience stores that are out there
the the whole food stores that are out
there the warehouses the people who run
their split tests they're the people who
run their their web services right they
just hundreds I don't even know how many
people work for Amazon I've absolutely
no clue I'm not even gonna take a shot
Matt Dart but all of those people
working for Amazon most of them don't
really have a vision from their future
that they don't really have a goal there
will be some of them in there that up
side hustles they're doing this or they
know that they're they're getting great
software engineering experience for a
company that runs a lot of tests or
they're running conversion rate
optimization and Amazon is notorious for
how many CRO tests that they run each
and every day so there is there are
there is a percentage of employees who
are very very conscious about why
they're at that current position and how
that's leading them towards their goals
their vision but most people simply
don't have a vision Oracle for their
future so sometimes we gotta get deep
what do you want to experience in life
where do you want to work for I have a
perfect day exercise that I've done on a
previous video I've talked a lot about
the law of attraction on this you need
to have a vision lifestyle design is a
really important thing what life do you
want to be living ten years from now if
you don't consciously set this up the
lifestyle you'll be living in ten years
from now will be a result of what other
people want for you and from you versus
you consciously declaimed this is where
my ship is going and eventually you'll
adapt you know do a little of this lore
that and you'll you'll change what you
want because we change as humans and
there was a time when I wanted to live
traveling the world and be a full time
digital nomad and I did that for four
years I lived in over 20 countries
building my business as I went along I
was a man this traveling stuff is tiring
I don't want it anymore I want I want
some stability I want some nature I want
some hiking I want on a lake I want to
go paddleboard and well now I've
rearranged my goals in my vision and I'm
living that life at this point and in
ten years who knows what that will be
but I'm consciously constantly
constantly consciously coming back to
those questions of what do I want out of
this life where do I want this life to
go I've got a vision right now from
where I'm at here for where my
future is going it incorporates that 10
million dollar per year business that
I'm growing right now incorporates a lot
of lifestyle aspects and wealthy people
constantly come back to the vision and
the goals that they have for their life
and number 10
they take calculated risks you know
there's a lot of people and an employee
mindset a lot of times they think that
is risky to be an entrepreneur and I
personally watched my father work
without through the unions he worked for
the same corporation for 33 years we did
not have much he couldn't afford a house
for most of those 33 years my parents
bought their first house when I was like
22 or something like that and he got
fired two years before his full
retirement and the corporation just said
you cost too much you're done we don't
want to pay you full vesting when you're
done because he would have made more in
his retirement had they let him stick
around for those two years and he was
making the most he had ever made at that
point in his life and they brought in a
college student to pay them a lot less
so it was a financial decision by a
corporation to let go of my father
there's a lot of people who think it's
risky to be an entrepreneur but growing
up seeing that I believe that it was
risky to leave my financial future in
the hands of a corporation so a
calculated risk for me has to been
spending my nights and weekends for
nearly two decades now to figure out how
does business work
how does wealth work how does a
entrepreneurship work how do people sell
things how do you get traffic on line
how do I grow a list of leads how do I
get people interested in buying my
things how do I deliver the things that
I'm selling how do I pay taxes on all
this money you know like there's all
these bits and pieces and to me that was
a calculated risk and to most people
it's risky to be an entrepreneur to me
being an employee is risky because your
financial future is in the hands of
other people in the hands of
corporations and there comes a point in
time when that corporation needs to show
higher earnings per share to their
shareholders and a shortcut way to do
that is to fire 10,000 people and voila
the payroll decreases there's more
earnings because not all the money is
going out investors are happy for about
a quarter the stock price goes up the
CEO looks good they get a gigantic bonus
tens of thousands of people are out of
work these are people who didn't have
vision for themselves these are
who didn't take calculated risks then
you can apply this to investing right
there is an argument for crypto
currencies there's a really good book
investing in crypto assets that made the
logical argument that like a 1% or so
investment in crypto currencies can
actually balance out a portfolio in a
unique way whether that's true or not
based on their studies the data did
point in that direction but these are
the types of logical calculated risks
that investors make that wealthy people
make wealthy people never bet the farm
on one thing
wealthy people never bet the farm and go
all-in on a certain specific trendy
thing that's going boom right they might
get a little piece of that action but
they're gonna spread themselves out
they're going to hedge their risks if
you will and each risk is calculated
well what if the Fed cuts interest rates
today what's that gonna do to things
maybe I want to hedge against that what
if this happens maybe I want to hedge
against that and all of these little
risks are completely calculated just
like going into a new market place or
building another niche site or when I
decided to build this YouTube channel
this was a calculated risk I knew it
would take time away from my core
business that I'm so growing with my
wife today but I figured that there'd be
a long term value from that extra brand
it's a little extra security we now have
two solid brands growing we're now
building our third and our fourth brand
to have more stability just in case
something weird happens
so yes I'm risking some time from
business a but I'm building an entirely
totally different niche business in
another place a calculated risk that has
paid off very well right what's the
upside potential of a move what's the
downside potential of the mood downside
potential for wealthy people never goes
to zero right there's never a bet of
investment if you want to call it
they're not investments when they get
that big that's gonna leave someone at
zero
they don't bet the farm on anything they
calculate their risks and there's
calculated risks to be made everywhere
now if you're an employee and you're
listening
yeah miles I'm fired up I'm gonna quit
my job tomorrow build an online business
that's not a calculated risk do you have
enough money to support yourself from
your online business yet if not that's
not a
calculated risk a calculated risk is I'm
gonna stop going to happy hour on
Thursday nights I'm gonna stop binge
watching Netflix I'm gonna stop buying
beer and wine I'm gonna put all that
money that I just saved from those
actions into savings and then I'm gonna
spend my time building an audience and
email list and ultimately a web based
business and I'm gonna stick with this
for three years I'm gonna pay off all of
my debt I'm gonna increase my side
income and then when I'm making more
money from my side income I have no debt
I have a six month emergency fund at
that point I'm gonna go all in on my
little business and then I'm gonna scale
it to a million dollars a year that my
friend is a calculated risk that is how
wealthy people approach challenges and
problems with a very long time horizon
that didn't even get on my list I could
probably do another list of ten and I
might in the future so let me know if if
you enjoy these kinds of videos I got a
comment down here people are enjoying
the fact that this is live and it's
refreshing that this is not edited I
ain't got time to edit literally I'm so
busy and I thank you for those kinds of
comments and I love bringing you my raw
take on this stuff I'm not here to
impress you I'm literally I want to
encourage you to take calculated risks
to pay yourself first to to do the
things that wealthy people do because I
grew up in poverty right Mike like I
grew up with a ton of love and I have to
get my parents I don't want my parent I
don't want to sound bad right like my
dad watched the videos like God Russell
maker he said you know like I grew up
with love I grew up with man we took
vacations we went to the beach it was an
hour drive to Santa Cruz camped on the
beach once you know one week a year that
was my family vacation was like an hour
and we loved it I like I didn't feel
like I had lack it's actually only until
I was in my 20s and 30s that I learned
about the reality of the situation as it
was going on growing up and it made me
think like huh you know like to him out
of that right out of like employee
mindset dad having a little pawn shop in
order to pay for rent and in one
generation I've been able to go and grow
a multi-million dollar business my dad
grew up in North Dakota with no indoor
plumbing no electricity no running water
in the house like that's crazy in one
generation now I got a
multimillion-dollar business right so so
I know it's possible and I'm just fired
up to try to help you kick you into gear
and I laid out all the tactics and I'm
talking about the mindset stuff but
ultimately this channel is all about
building a business and once you get
cash flow coming in gotta learn how to
keep that cash flow because so many
entrepreneurs they got a big hit they do
a launch things go crazy to make it 10
grand a month and the moment it dries up
they're back down to zero why because
they didn't do these things they didn't
pay themselves first
they didn't make calculate risk they
didn't hedge their bets on other brands
and I know you can do this and I just I
hope it's empowering
I hope it's uplifting and I hope you've
enjoyed this video if you have give me a
thumbs up I thank you for your time I'm
gonna call it at this point in time I
got more videos coming out for you soon
and I appreciate you and just thank you
for being here with me and on that note
I'm gonna say and one more time so and
all right Cheers
I'll catch you guys soon be well
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