okay guys let me ask you what's the
worst thing that you should do once you
start making a lot of money let's say
that you got a raise you got some
additional cash flow coming in you
started making passive income maybe you
get like your tax return or something
like that
the worst thing you should do once you
okay I see this happen time and time
again it's a trap so many people fall
into it they start making more money
sure enough they increase their
lifestyle expenses right you know they
buy a nicer car a bigger house they buy
more clothes they start going out more
eating out more all of a sudden because
they're making more money turn off their
expenses increase to match that and one
of the reasons why so many people are
having financial challenges as they
spend what they earn they're not they
don't have any cushion they basically
live paycheck to paycheck whatever they
receive in as income goes right back out
in terms of expenses right and sure
enough they're never able to get ahead
because they're not able to save money
they don't have an emergency fund
they're not able to invest in assets and
stocks and investments in real estate or
whatever it is to actually get ahead
they're basically just you know spending
their money on liabilities now there's
one thing I've learned is that you
always want to delay okay delay your
lifestyle as much as possible okay delay
those expenses as much as you can right
you know when I first started making
money online thankfully I was really
smart because I was in debt credit card
debt and stuff like that when I was
younger I made a lot of sacrifice to get
out of that debt I lived in my friend's
living room for like a year I you know
didn't have a cards took the bus around
I just basically lived like a bum
essentially you know didn't really spend
any money on myself I just was really
smart with my spending I used to track
everything an Excel spreadsheet and just
be on top of it I remember every Tuesday
I would track everything go through my
credit card my bank statements and just
make sure that I was following a certain
budget okay and I did that because I
needed to get out of debt I was
committed to making sacrifices to get a
debt one of the reasons how I got in
debt in the first place was I was living
way beyond my means right that's
essentially how someone gets in credit
card debt or any kind of debt they buy
stuff they can't afford so now they're
borrowing money to be able to buy stuff
that they can't even afford which is a
horrible decision to make you never want
to do that not unless you know what
you're doing and the investment you're
actually borrowing money to invest okay
and you've done the math you know what
you're doing with that but for the most
part people are getting into consumer
debt which is a trap okay now once I
started making money though I got out of
debt started making money online and
stuff like that back in 2012 you look at
my older videos and stuff you know I was
living you know in an average kind of
apartments kind of living like an
average life well during that time I was
actually making pretty good money okay
back in 2012 I had some online
businesses I was doing pretty well okay
but the thing is I never increased my
lifestyle I could have easily you know
you know bought a car I didn't even have
a car at that time I could have you know
got a nicer place nicer furniture at
that time in that apartment that I lived
in back in 2012 I didn't even have a TV
I didn't have cable you know I think
like my cell phone I had like the
cheapest plan possible I just like
avoided calling people I used to call
people on skype because it's like I
think three dollars a month you get like
unlimited calling from Skype and whatnot
but I made those sacrifices and once I
start making money I didn't increase my
lifestyle expenses instead I was smart
what I did was I saved my money I
invested in stocks I bought a real
estate property investment and you know
it's are now a rental property for me I
just you know made sure that I made good
financial decisions before I took that
next leap of faith and decided to buy a
place or to buy a car or whatever it is
I was strategic about it you know me
moving into this place that I live in
now the penthouse that was a strategic
decision
same thing with buying my car you know
is strategic I made sure that you know I
had invested first I had developed you
know
net worth of assets before I made that
next step you know but you know sure
enough a lot of people don't want to do
that once they start making money they
have that in Tate temptations to spend
money and you have to really discipline
yourself to not do that okay delayed as
long as you can save your money invest
your money invest in assets not
liabilities as you know Robert Kiyosaki
says in Rich Dad Poor Dad okay really
understanding that how money works how
to actually manage your money is one of
the most important things because if you
can't currently manage what you have now
there's no point going out there trying
to make more because if you can't manage
what you're making even if it's a small
amount of money you know I can guarantee
if you're given a million dollars or
more that you wouldn't know how to
manage that either you wouldn't know
what to do with that money that's sure
enough why a lot of people that win the
lottery end up losing it all because you
know they just had it given to them they
didn't develop the habits the
disciplines on how to actually manage
money okay keeping money is really
really important it's a very important
skill that you eventually need to learn
once you start making money once you
start having assets you want to make
sure that you're keeping that money all
right another thing I've learned too is
once you start making money you want to
make sure it's consistent steady and
stable and it's reliable before you
start to increase your lifestyle as well
okay you know a lot of businesses even a
lot of jobs even investments they can be
a little bit volatile okay so you got to
be aware of that you have to be prepared
for that you want to make sure that you
know you didn't just make a lot of money
in one month and then it disappears the
next month you want to make sure that
it's ongoing okay very important also
and I think just the the biggest
challenge people have is they're not
willing to make sacrifices
okay sacrifices is one of the key thing
that you eventually have to learn how to
accept that if you want to get ahead
you're gonna have to sacrifice something
the hardest people that I've found that
it's been challenging to help them
become financially free are the ones
that have a great job they're making a
lot of money in their job cuz sure
enough the people that like I've coached
people they're making six figures you
know they got a great career and stuff
like that and they want you know the
problem is they work 60 hours a week
they want to start making passive income
well the challenge is though they have
you know if you're making six figures
most of these guys have six figure
lifestyles right they've got a nice car
they've got a nice place to live in and
whatnot and you know to be financially
free financial freedom is when your
income exceeds your expenses or passive
income I should say exceeds your
expenses so you know if your expenses
are ten thousand dollars a month well
now all of a sudden you gonna have to
make a ten thousand one month passive
income stream to now be financially free
if your expenses are only two thousand
dollars a month now you only have to
make it $2,000 a month passive income
stream to you no offset that expense so
that you can now become financially free
that's how you have to think about it
but you know a lot of people when
they're starting a business business
requires sacrifice because oftentimes
you're not going to see money made right
away you're gonna have to have some sort
of startup investment as well and you
know you're gonna have to make
sacrifices along the way I can't tell
you you know I mentioned I didn't have a
TV I didn't have cable I used to stream
videos on my computer you know that was
my basically way of watching like a
movie or like a sports game or something
like that I try to have to stream it
online those were all the sacrifices
that I made even though I had the money
to buy a TV and to buy you know whatever
a cable TV or whatever it is I still
discipline myself to not do that you
know right now I could buy a Lamborghini
if I wanted to but I'm not because it
wouldn't be a good decision I'm trying
to delay that as long as possible once
you buy a Lamborghini you know which is
something that's on my vision board it's
expensive to maintain that right you
know if it breaks down that's expensive
you know just the maintenance the
insurance of it and stuff like that is
expensive as well so you wanted to lay
those things you're gonna have the
discipline to just to which they're
spending and not not try to spend what
you're making okay so just a little
message I'm gonna leave with you today
just because I see so many people that
fall into that trap
they make poor financial decisions and
they live beyond their means you know
you know I always think that you should
have you know be able to save a minim
least a couple hundred dollars a month
that you should just be able to have go
aside put into savings if you're stuck
in the position right now where you're
living paycheck to paycheck you know
whatever you make and your job is this
barely coming you're covering your
expenses that's a very dangerous place
to be in your living way be up beyond
your means right now in fact you know if
if you're in that situation like go live
with your parents or something like that
you know you've got it be smart about
that because you're never gonna get
ahead just living paycheck to paycheck
it's you know you don't have any money
left over your money is just going
towards liability isn't just to cover
all your expenses so that's a very
challenging position of being and again
sometimes you have to you know you have
to be willing to make that sacrifice
it's painful man I went back lived with
my mom for a few months I remember a
number of years ago I lived in my
friend's living room I lived with
roommates you know I was willing to do
that again it's not cool it's not
comfortable it's kind of embarrassing
but sometimes that's what you got to do
you might have to sell your car and
start taking the bus you know I had to
do that for years I didn't that car that
I have now the Corvette I didn't have a
car before that for like five years and
before that my car that I had like in my
early 20s was a beat-up 1989 Honda Civic
you know that I bought for like a
thousand dollars you know that was the
only other car that I had actually when
I was like 17 the first car I had was a
Camaro it like in 1989 Camaro I also
bought that for like a thousand dollars
too but anyways you know I've always
just you're taking the bus and just had
car for short periods of time but you
know I was willing to make that
sacrifice to get ahead so be smart with
your spending you know money management
is one of the most important skills that
you really have to learn and master in
your life so that's it for today guys
make sure you subscribe for more videos
I'll see you in the next one
you
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