now when it comes to investing when it
comes to before you even think about or
consider investing your money there's
this is the skill that every successful
every wealthy person has already
mastered in their life and if you don't
master this then forget about investing
money okay and that one core skill and
this is important for me to cover you
might already know what it is
it's money management money management
you ought to first learn how to manage
the money that you already have before
you're able to manage more money and
make more money
you see if right now you don't know how
to manage the current finances that you
have right now whether that's $1,000 a
month or $2,000 a month that you bring
in or maybe it's $5,000 a month or maybe
it's $10,000 a month if you don't know
how to manage that already then you're
not gonna be able to manage a million
dollars where 10 million dollars or more
than that and that's why a lot of people
that win the lottery you can you know be
given all this money but if you don't
know how to manage it if you don't have
the right mindset when it comes to money
then that's why a lot of lottery winners
end up losing the money and a lot of
cases end up getting in a lot of debt
and I always kind of think about the
same way too that kind of goes with
fitness as well you know let's say that
for example you were obese maybe you
weigh 300 pounds and then maybe you get
the idea you know what I'm gonna go and
get liposuction and I go to the doctor
and I end up getting a hundred pounds
light boat or 150 pounds light boat and
all of a sudden you take someone who's
300 pounds that went in for a surgery
and they got removed 150 pounds now
they're 150 pounds now the challenge
with that is if that person just goes in
to get liposuction or whatever that
might be to you know remove the fat the
same way someone might win the lottery
be given a lot of money if you don't
change your mindset and their habits
then it's almost a guarantee that you're
gonna gain the weight back
if you don't change your habits and your
mindset around money you could be given
a million dollars but if your habits and
your mindsets always been in debt you'll
find a way to get back there because not
unless you change the habits you know
you can remove the fat but if you keep
eating junk food if you keep making poor
eating choices if you still don't
exercise and move your body then it's
just a matter of time before you're
gonna gain the fat back so oftentimes
people on earth don't understand it's
learning how to manage and the mindset
the habits that you have to establish
first that are gonna help prepare you
for financial abundance in your life
okay so that's why you always got to
start here with money management manage
the current amount that you have right
now and the truth is it's not really
even about the amount it's about the
habit of it okay getting in the
consistent habit of managing your money
knowing how to allocate it knowing how
to keep a budget knowing how to make
smart choices with your money those are
the skills you have to master first and
foremost that will allow you then to
invest and get further ahead in your
life now when it comes to money
management I'll shirk you guys a simple
formula or strategy that I learned from
Tihar vector and T Harv Eker is the
author of secrets of the millionaire
mind it's got a great seminar that I
went to many years ago and this is a
good simple formula that's fairly basic
and what I often recommend for people
that are just starting out that they
could follow and then as you make more
money you get better at managing money
you can then kind of create your own
little formula of how you want to
allocate your finances but this is what
I started with when I first I remember I
was in credit card debt and I was
learning how to manage my finances and
this model really helped me out a lot
okay so this is how it works
you're gonna break down the money that
you make and your expenses into a few
different categories first here is
necessities what you're going to do is
you're going to have fifty-five percent
of the money that you make go towards
necessities now what are necessities
necessities are your rent
maybe it's your phone bill
maybe it's your internet maybe it's your
gym membership you know maybe it's you
know the hydro and you know the bus pass
that you got or the the gas or car
payments etc okay fifty-five percent of
what you make should be going towards
that your just overall necessities of
what it requires for you to just live
your life okay now the challenge here is
that a lot of people already got this
wrong where they're spending a hundred
percent or ninety percent of the money
that they make is going towards their
necessities
that's called living paycheck to
paycheck if your living paycheck to
paycheck all the money that you make
just goes into supporting your existing
lifestyle the challenge with that is
that you're not going to have money left
over to invest to save to do some of the
other things I'm going to share with you
so really making sure that you either
have to cut down their current necessity
lifestyle into something that kind of
fits within this or you find ways that
you can make more money but it's going
to be challenging for you to make more
money if you're not having the the
excess money as well to be able to
invest and be able to make more money
with okay so this requires
disappointment to try to bring down or
lifestyle expenses so that you have more
money that you could then use to invest
so necessities would be fifty five
percent next year we have
we have long-term savings okay 10%
you've got to make sure as your parents
taught you I'm sure when you're young to
save your money okay you got to make
sure you put money aside now what I
often recommend that someone do does and
this is just basic financial advice that
I learned from you know way back a lot
of the money management books that I
used to read when it comes to saving
your money you want to make sure you
have at least six months okay six months
of your income or expenses put aside in
a savings account that is just an
emergency fund okay just an emergency
fund
okay so I'll explain why that is so for
example if if you make you know $2,000 a
month let's say okay then what you'd
want to make sure is that you put aside
you know at least twelve thousand sorry
at least you got twelve thousand dollars
that you put aside just for a rainy day
and the key the reason why this is
important guys is that you never know
what's gonna happen in life you never
know things are gonna happen they're
outside of your control you know right
now as I'm filming this right now
there's some challenges that are going
on in the world there's challenges that
are happening right now in Houston Texas
where you know they had the hurricane
Harvey and a lot of people their
businesses have been shut down the
economy is suffering there right now cuz
all been flooded people have to evacuate
and there's gonna be situations in your
life where there will be emergencies
okay and I pray to God that never
happens to any of us but there will be
times where I'm sure there will be
situations where you're gonna have to
make sure that you have money put aside
to be able to cope with that you know it
might be for example even you losing
your job or maybe something happening to
the business or something happening with
the economy maybe it's a recession that
takes place well if you're not prepared
for that then those are those are
stresses in life that can really destroy
you that can get you in debt that can
get you bankrupt and for me I'm all
about being proactive we want to make
sure we avoid those situations for ever
happening the way we do that as we
prepare for okay
that's why I encourage you to make sure
you use least have six months of your
income put aside savings account you
never touch that money not unless it's
for an emergency okay so that money is
not being used to buy a house to buy a
car for the next vacation it's not used
for that okay it's only used if there's
an emergency like you lose your job
something happens to your business
something happens in the world who knows
what could happen but you have that
money put aside that you could then
depend upon if you lose your job you
know you can live off that money for six
months before you can you know maybe get
another job to be able to replace that
okay so long term savings that's what I
recommend for at least six months having
that at that point once you've
accumulated a certain amount of savings
it doesn't really make that much more
sense to continue saving a lot more
money and just have it sit there because
then you have excess capital that is not
getting you much of return now if you
have money this in the savings account
you're gonna get a little bit of
interest on that but you're not going to
be able to leverage that money as much
you know you're gonna get a very low
interest rate compared to what you could
do with that money
and so that's why I also you want to
make sure that you have another category
where you at eclis allocate your money
and that would be financial freedom
okay financial freedom this is ten
percent of your income that you're gonna
put aside for investing in your future
okay for investing to make more money
investing in your financial freedom and
I'm going to spend time going into this
here today okay there's actually a few
different options that I recommend
there's three primary investment
vehicles that I think are the best for
creating financial freedom and wealth
but there's many others and I'll touch
on those the best way I can today so
financial freedom 10% other categories
would be education okay
education 10% and this is also a very
important one because the best
investment you're ever gonna make in
your life also according to Warren
Buffett greatest investor of all time is
an investment in yourself okay so your
education is you investing in you it's
investing in books it's investing in
courses like the one that you guys are a
part of right now it's investing in
seminars it's investing in coaches and
consultants and and and and things that
can help you grow in your life but also
you know even investing in your own
financial education maybe it's learning
about real estate or maybe it's learning
about stocks or maybe it's getting the
expert advice that you need and
investing in that education because if
you don't have that then you're not
going to know what to do with the money
you're not going to know how to invest
it properly you're not going to know how
to utilize these things and so making
sure you put money aside for your own
education I can't stress that enough
that's been one of the most important
things that I've done since an early age
of my life okay so next up we have an
area of life that I know all you guys
enjoy which is fun
okay you got to be having fun in your
life fun is things like the vacation
that you want to go on travel maybe it's
you know going on fun experiences maybe
it's going to the movies and maybe it's
you know baby just buying you know nice
clothes you know where you want to treat
yourself and enjoy your life a little
bit more okay you'd put ten percent of
your money towards that and then the
last the last area is giving okay
giving is about five percent you know
putting money aside that you could then
donate you can contribute to the world
in a meaningful way and that might be
through charities or different things
that you might want to be a part of but
this is an important one because what it
does is it teaches and trains your mind
to be and live in a state of abundance
okay when you're giving away money even
though it's kind of counterintuitive
you're giving away money what it does is
it teaches you that there's more than
enough and you live in a state of
abundance less and scarcity around money
and it makes you feel good it makes you
happy is one of the keys to having
fulfillment in your life so I believe
contributing is key
now this is kind of a basic formula you
can follow and this is what I followed
for years however you can modify it if
you'd like okay
and I personally modified it now to the
point that I'm at today but for myself
personally you know when I was younger I
wanted to put more into my financial
freedom so I cut down my phone to be
honest with you there's times in my life
where you know I wasn't having a lot of
fun I was just trying to get out of debt
I was spending my evenings my weekends
you know working on my online business
and I didn't have a lot of fun you know
so I decided hey I'm gonna get further
ahead the more money I can put into
financial freedom you know or maybe you
know it's cutting out you know some
necessities and things like that that
don't really affect your life as much
and so you can kind of tailor it a
certain way to modify it but the key
thing here is the financial freedom one
because this is what's gonna allow you
to create the financial freedom that you
want okay the more money that you can
put aside to this the faster you're
gonna be able to go and for me right now
if I were to be totally honest with my
income and my lifestyle right now I
would say probably 80% of my income goes
into financial freedom you know because
for me I've even though I enjoy great
lifestyle I've been very hesitant to
upgrade my lifestyle to match the amount
of money that I make because for me even
though I live in a great penthouse and
I've got a nice car and I travel and get
to do what I want I still want to make
sure that I can put as much possible
it's my financial freedom because I'm
always thinking long-term okay I'm
thinking long-term the life that I
really want to be able to create and so
having as much that you can put into the
financial freedom it's going to help you
get there a lot faster
you
you
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