Have you ever come across someone that seems to have a natural gift that making
money do you want to emulate to success but aren't sure how well in this video I
will share with you five proven ways to become a money magnet and if you're new
to the channel then hit the subscribe button below for more life-changing
magnet I want you to ask yourself if I were to become a person who money was
magically attracted to what would I do with this newfound wealth would you buy
a fancy new car would you buy a whole new wardrobe the five methods I am about
to share with you are guaranteed to make you wealthier than you've ever been
before but before I do you need to understand that money only contributes
to your happiness when spent correctly now I'm not gonna sit here and try and
convince you that money doesn't buy happiness because quite frankly I
believe it does but only when it's spent correctly before I get into how you can
exchange money for happiness let's talk about instances where spending does make
you any happier many times people buy stuff because I think subconsciously
perhaps that will bring them happiness they just have to have the latest phone
or outfit and yes spending money is fun and makes us happy but for how long more
often than not the novelty of the new item you purchase wears off in a day or
two and you were right back to where you started so then you have to buy more to
achieve that spending hi and the cycle continues the cycle is what keeps the
majority people broke and getting caught in this behavior doesn't bring true
happiness to their life so instead spend your money on things that will give you
longer lasting happiness for instance by your parents through dream car then
every time you see them driving it you will be happy that you were able to help
them realize a lifelong dream of theirs alternatively spend money and traveling
seeing different parts of the world will make you appreciate what you have and
will create memories that you can cherish for a lifetime now that you know
how to spend your money to achieve immense happiness the real question is
will you ever have the money to do any of that in my opinion the answer depends
on a few factors I believe that just about anyone can become a money magnet
all they have to do is employ the following five proven methods that I
will now go over method number one positioning yourself for financial
success the people that become the wealthiest in
the world are those who know themselves well this means that they know their own
strengths and especially their weaknesses and ensure that both of these
elements are managed to ensure their wealth is maximized unfortunately the
number of people who know themselves well is very small this is because not a
lot of people take the time to self reflect and those who do tend to shy
away from focusing on aspects of themselves that are not as strong as
they would like for instance many people complain that their employers don't pay
them enough but they aren't willing to reflect on why their current skillset
isn't worth more money the rich on the other hand don't get in their own way
which is why they lean on their strengths and manage their weaknesses
for instance not everyone who makes a large income is good at saving it
however for those who have a tendency is spending more than they should setting
up systems to ensure their savings success is a great way to mitigate this
problem one way to do this is through automated deductions in essence what
these deductions allow you to do is send part of your paycheck directly into a
savings account instead of the full amount going right into a checking
account where you would be more tempted to spend it allocating 10% of your
after-tax income to your savings account is a great first step in automating your
savings efforts and if you want to ramp up how fast you save money then ask your
boss to deduct 20% 30% or whatever percentage works best for you and the
self-awareness doesn't just relate to saving money it's important to learn how
you'll react to certain situations without that knowledge you can set up
measures to ensure you don't fail financially for instance how would you
react if your investments fell by 50% would you have the confidence in your
investing knowledge to let them write out the poor economic times or would you
pull out whatever money was left knowing the answer to these questions is crucial
to long-term financial success a third way to position yourself for financial
success is to place value on taking action this one is pretty simple no
success has ever been achieved without auction therefore knowing how to get
yourself to take the necessary actions to achieve your goals is vitally
important one way to create positive action in your life is to set up
positive habits in the book the power of habit written by Charles Duhigg he
explains that in order for a habit to be successfully employed there must be a
cue a routine and a reward and by setting up all three
these elements into your financial habits you will be sure to see money
coming your way method number two be a nonstop learner the second method in
becoming a money magnet is to strive to learn more every single day now this
doesn't mean you need to sign up for a new degree or attend a whole bunch of
college classes over the last decade the avenues for education have expanded so
greatly that there are methods of learning that can appeal to just about
anyone for instance if sitting in a lecture
isn't for you you can watch an engaging video on YouTube instead or if you find
reading puts you to sleep you can plug into the audiobook version
of the text instead sadly many broke individuals stopped learning what's
their formal education ends they act as if they have already acquired all the
information they need in life to succeed yet this is far from the truth we see it
all the time rich individuals spending more time and money than some people
make in a lifetime on their own personal growth take the example of Dan Locke
this Canadian entrepreneur and multi-millionaire invest more than five
hundred thousand dollars a year into his education in the form of courses
coaching and many other learning opportunities even Warren Buffett the
Oracle of Omaha himself used to read anywhere from six hundred to a thousand
pages a day after already hitting the millionaire status and today at a net
worth of almost 90 billion dollars he still spends 80 percent of his day
reading and strategizing therefore if you want to become a money magnet then
you need to have an insatiable thirst for knowledge method number three you
prioritize saving the third way to become a money magnet is to operate with
a high savings rate like I said earlier in this video you can make as much as
you want but if you save none of it then you will never be rich now establishing
a high savings rate can be achieved in numerous ways but let me share with you
a few of my favorites first you can create a zero based budget
tool in a financial waste we're making this type of budget you start from
scratch and have to justify every single line item of your financial plan which
helps you avoid rolling over expenses month to month that you don't need to be
spending money on alternatively you can resort to only spending cash you see
whether you're buying groceries or a new phone spending cash makes us notice that
monetary effects of our actions this is because as we are paying we are
physically handing over money and we see the depletion in our
wallet whereas when you use a credit card or debit card the potential to
spend seems almost endless part of this pain we feel when we spend cash is due
to what researchers call coupling when someone buys an item with cash they
immediately know how much that item will cost which is why when shoppers pay in
cash they tend to spend only half of what they would have if they would have
paid on credit instead method number four making your money work for you poor
people work for their money but the rich get their money to work for them
this is typically achieved through learning the difference between assets
and liabilities if you're unfamiliar with uh sets they are commonly defined
as a resource that will generate future economic benefits and these benefits are
most often realized in the form of income because assets produce income the
rich buy as many assets as possible which they then used to pay for their
day-to-day lives this method of producing income is
highly supported by Rich Dad Poor Dad author Robert Kiyosaki who recently
tweeted live it up buy everything you want one caveat buy the assets to pay
for them first now if you are currently carrying liabilities then you should be
asking yourself how can I turn these financial burdens into assets take the
example of your house houses are liabilities because they are expense
incurring possessions each month you pay for your houses mortgage utilities and
taxes but luckily this liability can also be used as an asset for instance if
you have an extra room in your house you can rent it out to offset some of these
monthly operating costs charging five mature dollars for a room can easily
cover some of your monthly utility bills or part of your mortgage payment
ultimately turning this liability into an income generating tool method number
five you spend consciously the fifth and final way to become a money magnet is to
have a low burn rate your burn rate refers to the amount of money you spend
on a monthly basis compared to your earnings now unless you live expense for
you will always maintain some degree of a burn rate but those who build the most
amount of wealth also tend to be the best at managing their burn rate to
break down a burn rate in more detail this financial ratio is typically
comprised of both core and discretionary expenses core expenses include things
like rent utilities and taxes essentially expenses you can avoid
discretionary expenses there's things like entertain
clothing and other material goods and your ability to limit these expenses is
the key to becoming wealthy when it comes to burn rate there are three types
of individuals there are those who make no effort to reduce either type of
expense those who limit their discretionary expenses and finally the
burn rate minimizer's who work hard to limit both core and discretionary costs
as you probably guess the third group are the ones who reach financial
independence the fastest and I will now walk you through an example to
illustrate exactly how this would work meet Steve Steve makes $5,000 a month
after tax and his monthly housing costs and day-to-day expenses amount to
roughly thirty five hundred dollars on average Steve spends another thousand
dollars on clothes and entertainment every month combining these core and
discretionary costs Steve spends 4500 dollars of his total $5,000 earnings
every month which equates to having a 90 percent burn rate
this leaves Steve with just $500 a month to put aside for retirement based on the
4% retirement rule which requires you to have 25 times your annual living
expenses in order to retire with a 4% withdrawal rate Steve would need to
accumulate one million three hundred and fifty thousand dollars to cover his
annual living costs of $54,000 which if he invested five hundred dollars a month
that 10% would take thirty-two years but what if Steve order reduces annual
living expenses how would this affect his retirement timeline let's say Steve
downsized his home and cut out 75% of his discretionary expenses making his
total monthly burn rate $3,000 he would then have a burn rate of 60% in an
annual living cost of $36,000 this annual cost would mean having to say
about $900,000 which at 10% would take 28 years
in essence by reducing your burn rate you are effectively shortening your path
to financial freedom and turning yourself into a legit money-making
magnate thanks for watching if you want to go from the life you have to the life
you deserve then hit the subscribe button now
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