Hey everyone Me: Kevin Here in this video we're going to talk about a seven plus steps to build a wealth and get rich in uh, 2023 and Beyond it's really a simplified path for becoming a millionaire and I want to share that here. We're going to do it live even if you're watching this on recording I'm going to be able to see comments and add where people have questions. so let's give it a shot. Step number one: assume you have a zero net worth, which that might be easy because you could be at a zero net worth, but no matter what your net worth is I Think it's really important to assume you have no money and if you have money, you should get it out of your visibility on a daily basis.

There's nothing more demotivating than feeling like you've got enough money in the bank account to pay the bills and you don't really have to work overtime today. You don't really have to go make that extra video as a YouTube Creator or hold that open house as a real estate agent I like to keep my bank accounts to where I'm on the edge of over drafting them and even if they overdraft which sometimes they do I go in there I'm like okay I can always transfer money over from another account, but I do that for psychological purpose and that's to feel like I need to keep working. Even if you just want your money in cash and you send it to a brokerage account, getting money out of your face is a really good tool for making sure you're motivated to work. Now the same actually works with a stock portfolio.

A lot of people wake up in the morning and one of the first things they do is they wake up and the Market's already open. They're like, well, how's my stock portfolio today Oh man, it's right and the first thing they do is allow negativity or the market to lead them to feel negative. right? You allow this to sort of Define your day and what happens sometimes on bad Market days is people will just roll back over. I'm just gonna go back to sleep and try to sleep the pain away because they've almost as Associated their identity with smaller scales, starting accounts Investments they're making and if things aren't going perfect, it's it's easier to just check out.

This is actually a really bad way to start your day and set yourself up for what should be productivity. now. schedules help with this and we'll talk about that in a moment. But I'm a big fan of getting away from negative influences now.

negative influences don't just have to be things that you do yourself to make yourself feel bad. Some of the most common things are looking at your portfolio feeling guilty about a mistake you made. Every single human being goes through life and gets scars. Everyone messes up and screws up and some of the richest people in the world screw up the most.

but they just have more successes than they have losses. and I'll tell you I'd rather have a hundred successes and 50 scars than have no scars and no successes. so keep putting one foot in front of the other. Another thing that's important here is not surrounding yourself with negativity.

It's so easy to get caught up in conspiracies and tinfoil hat criticisms of other people and really, that relativity and it just holds you back because the more cynical you are, the less optimistic you are and the less likely you are to actually build wealth because you're too busy hating on other people. And that's a problem, right? Envy Warren Buffett says and Charlie Munger Echoes This Envy drives the world because people, you know they want a bigger jet, they want the bigger car, they want the bigger house than the next guy, and that's fine when it's a motivational tool, but it rarely is. Most of the time people start winning when they actually start trying, but then they feel depressive because they're comparing their successes to somebody else. look I Learned this early on playing video games.

There's always going to be someone better than you. That's just the way it is because when I played RuneScape there was always someone better than me. When I played World of Warcraft, it was always something better than me. Halo Same thing: real estate agent YouTube Doesn't matter.

There's always someone better than you financial advisor ETF Manager doesn't matter. always someone better It even when it got so extreme that you had people like Julius Caesar was like ah well, you know Alexander the Great is better or whatever, right? they're looking up and then Alexander the Great is oh well. You know God is better than me, right? It's like that relativity is such a great way to always feel toxic. It's bad.

Never gonna win that game. So I've one of the First videos that I actually made as a YouTube Creator where I'm like I want to make YouTube videos for the purposes of helping educate people was in 2017 and I talked about the toxicity of Relativity and how bad it is. because you can never celebrate your wins, you're never satisfied, and when you're never satisfied with even the small wins that you have when you start out when you're Never Satisfied What it actually does is it demotivates you. It doesn't motivate you.

It's a terrible thing. so really big important part of getting started is get away from that negativity. I Also found that when I was a uh, starting out real estate agent I would have people in 2010 tell me oh, why would you get into real estate the Market's terrible or the real estate market sucks or why don't you get a real job? That kind of negativity, you want to get out of your life or turn that energy around into inspiration that helped me a lot. I would hear people say that and I told myself you know what that negativity is exactly why there's less competition for me to kill it as a real estate agent.

Let everybody else be negative is what I always told myself and that's really important and I don't want to come across to suggesting oh, it's just mindset and then you're going to get rich. It's not I'll show you in this video. an easy way to do it. A lot of you can already guess what that is, but it also helps.

So that's sort of step one, right? Assume your net worth is zero. Don't look at your portfolio, be focus on positivity. You can rather than you can't right? it's America And even if you're in a different part of the world like you can do it. Uh, the next step and this really the first real step is I'm a big fan of schedules.

One of the things I talk about in Elite Hustlers University uh which is a course I have on on building extra sources of income and increasing your income as an employee or not. One of the things I talk about is how important it is to really know yourself and like I know I do really well with filmed content. In the morning, the afternoons I start dragging out and hey, you know what? I'm filming this in the afternoon but guess what? I decided hey I'ma film it live because there's nothing more energizing to me than seeing your comments pop up while I'm filming saying things like I don't know why you all talking about long peepees in the chat, but that that is a way I'm tricking myself to be able to work more. So knowing yourself in terms of when you're most efficient is important.

Some people are most efficient when they work alone and quiet between 9 pm and 1am. Some people are much better when they wake up at four and they have that quiet time in the morning, right? But then sticking to that routine is so important. So your body gets used to that clock and you actually care about your health. One of the easy hacks that I think most people neglect I would say probably 90 of people neglect is just buy more pre-cut fruit.

Now that pisses some people off because they're like Kevin Pre-cut fruit is expensive. Well, fine. Like if you really need to, then just have a cutting ceremony once a week. You know where you cut fruit and you have it all prepared and ready to go.

Uh, or just buy pre-cut food fruit if you can and get that energy and those vitamins to really help you. And I am a big fan of natural, naturally sourced vitamins, not supplements. I'm not the biggest fan of that, but this is not a video about attrition and health. that's just a part of it.

So figure out your routine, figure out your health. Now the next. Step Number two. So we did.

Step Zero which was start at zero. How convenient. Number one, your routine and understanding yourself. Number two.

What's real? Oh with Number One I Do also want to mention one of the things to know here is: a lot of people realize this. They realize if they go out drinking too much at night, they figure out what their limit is and then they realize when it affects them the next morning. So some people that limit is one drink and they feel groggy the next morning. Don't drink when you're gonna have to work the next morning.

Some other people can drink four drinks and they're not groggy, but then if they go to five or six, they're guarding right. So figure that out part of your balance out to where you're not inhibiting yourself the next morning. Quite important. So step number Two I believe is focusing on higher income and this is really important.

I Saw a Reddit thread of somebody who felt so defeated they're 27 years old, they didn't graduate high school, felt like they couldn't get a job other than miscellaneous part-time gigs, and and then they felt lost. And so my immediate thought was, well look at your life and ask yourself what's stopping you from getting the job that you want. Any job you want, you could Google What the requirements are for it you want. to be a pilot Google How to be a pilot you want to work for Deloitte How to get an internship at Ernst Young they're hiring like crazy or Deloitte you want to work for a Tesla Google The requirements.

A lot of them don't even have college requirements anymore. Figure out what those requirements are, write them down and then compare to yourself and say wait, what do I need to do to get there Oh I didn't graduate high school, get a GED and make that your goal, your mission. See A lot of us get burned out by the idea of like oh, I've got a 40 hour a week job that I hate when the reality is I Think most people who are starting to build their wealth should be thinking about working 60 hours a week. You work your 40-hour week job, then you work 20 hours in a side hustle which gives you some sweet tax benefits we'll talk about in a moment.

and then you spend the rest of the time with friends and family because you've got to work hard, play hard. But so important to think about actually getting an income coming in and something that actually has upward. Mobility I Think one of the worst positions you can be in is in a position where you don't have Upward. Mobility So you might be the best forklift driver or the best Uber driver in the world, but your upward Mobility is limited.

In the future, you'll be replaced by a robot and it's not going to help you on a resume. It would be better to make less money at something that you could work yourself up in like an internship. So sometimes what that actually means is rather than living in a low cost of living area, it means moving to a high cost or higher cost of living area. An example I always like to give is hey, who's going to make more money the electrician in the middle of nowhere of Ohio it's not a disc to Ohio I like Ohio I've been to Chillicothe Ohio and that's where I came up with the idea I'm like well geez, you know electricians over here getting paid you know 15 bucks per outlet they change out electricians in San Francisco are getting paid 80 bucks an hour per Outlet they're they're replacing because the competition is like there are many more people demanding Outlets to be replaced in San Francisco than than in in parts of Ohio where people are just going to do it themselves.

you're competing against the owner themselves. so sometimes going to those higher cost of living areas, they're actually going to give you a nice little boost to getting your income going. So I'm a really big fan of that. I'm also a big fan of having a job.

A lot of people on social media like to dis on the idea of having a job, but jobs are a wonderful way for you to have pay time off benefits, upward mobility and job placement experience where you're actually building a resume and you're building experience. You're learning from somebody who's created a company before you that you can actually learn from and your job becomes not showing up for work and plugging in the hours it's you're there early, you stay late. you're the hardest working person there because when you become valuable and that's a big key is when you provide value and you become Irreplaceable you get promoted. You make more money, the bigger problems you can solve, the more money you can make I Think Generally we get stressed about the idea of problems.

Well, really one of the big shifts of mindset when it comes to income and potential is you look at a problem and you say, well, that's why you get paid. what you get paid. the bigger problems you can solve the the more money you make. It's that simple.

the harder your work, the luckier you get right? So you get you get that hate and envy out of your life in Step Zero You focus on your ability to actually have energy throughout the the day in step two or step one which might you know Health vitamins, fruits, uh, exercise then focus on getting your income up. What are the requirements? The beautiful thing is, you could do anything, especially here if you're in. America There's no job you can't do and you can Google The requirements for them: You want to be a registered nurse and work your way up, uh, to to anesthesiologist nurse for example, over a few years. Boy, you could go from making no money or twenty thousand dollars a year to making hundreds of thousands of dollars a year.

Uh, Contracting Real Estate Agents Lenders CPAs You name it, these are all things you can look up. You want to get an internship at the Air Force and the finance department. You could do that. And that now gives you something on your resume where people look and go.

Wow! Work for the Air Force That's a great item on your resume. Wow, you did Finance for them Great. You know, like that's awesome. That makes it so much easier to go into a consulting job in the future.

Always thinking about that upward Mobility Really, really important Somebody asked me this morning for example, hey, should I go move from working at uh, you know, one space company to working for the city. uh and my thought was, no, you should be thinking about going from one private space company, not to a city where it's actually potentially going to hurt your resume in my opinion I'm thinking, how can you get from the city to a private space company to like the best space company? Whether that's SpaceX or whatever it may be right, you want to think about Upward Mobility You don't want to move up. That's the goal and see. I Think one thing that overwhelms a lot of us on sort of the path to Building Wealth is we're trying to think about.

Okay, how can we plan everything out and that's not a reality. You can't plan out absolutely everything. you just have to be able to change, be fluid to change your mind and go into the best Direction At any potential time, as long as you're moving up, you know what's next. What can I do next to get to the next level? So so important you grind and you're always working hard.

It works out and see. Step three, in my opinion, is whether you're self-employed or not. I Think everybody should have a side hustle. We talk about this a lot in that Elite Hustlers course which I've got a bunch of programs on building your wealth link down below.

Let me get a spoiler here. but everybody should have a side hustle because that means if let's say you're an employee, you can't write off your cell phone. If you're paying for it yourself, you can't If you're paying for your own health insurance, you can't write that off. But if you have a side hustle that's not a hobby, it's something that actually has the potential of making money.

Confirm all obviously everything in this video with the CPA I'm not an accountant and while I am a financial advisor, this video is not personal financial advice for you because I don't know your situation. You want to make sure that hey, when you need things, you could potentially write them off as a necessary and ordinary cost of you operating your side hustle. So having a side hustle maybe it's a matterport. 3D Scanning business, for example: Well, you need a laptop, You need an iPad You need a phone.

These are things you might want to buy personally for personal use on the side anyway. But if your primary purpose is for business and there's a necessary to ordinary purpose for that, you might be able to write things off or parts of things off that otherwise you would get no write-offs on. and now you're able to be tax efficient while making more money and growing your experiences. and working with people.

See, business is not about making money. Business is about solving problems and helping people. And as soon as you realize that the if you want to make more money, you have to help more people, well then you start making more money. Like once you realize that what you get paid is a factor of how much value you put out.

That and the problems that you solve. Boom, there you go. Now some play. That's when you really start unlocking your income potential.

But some things do have a ceiling and that's why you know. For example, if you're driving Uber that's ceiling limited. You're limited by how much you can drive and you could be the best driver. Best Uber Driver in the world.

But you're limited to how much actually you can get paid. You're limited by your time. so you really want to be thinking about moving up. Moving up, Moving up.

Very awesome. So next, think about setting yourself up to buy real estate. Now this is really important. So when it comes to end of the year.

Tax Strategies Usually if you can depreciate things rather than writing off things in in in full. certain things you can take accelerated depreciation on. but if you're writing off things in full rather than depreciating, you're going to hurt yourself. For qualifying, it's sort of the double-edged sword of having a side.

Hustle You want to try to have as much income as possible and as little debt as possible. So that way you can buy real estate I Believe I Strongly believe this that anyone who has a net worth under 1 million dollars should focus first on owning real estate. That's it. And your goal is you want to buy save up as much money as you can for a down payment.

You buy a home. Talk to a real estate agents. Talk to lenders. Buy a home where you live.

You know where not to do a Craigslist transaction at 7 pm. Don't buy there. You know the good areas. Try to get in a good area.

Something small. the smaller the better. The best area. The smallest potential thing you can buy there.

one bedroom, one bath, two bedroom, one bath, three bedroom one bath. Whatever. Start small. Don't go Dream Home buy something that you can improve.

Ideally it's simple things. Cosmetics The more dated it is, usually the better you want to do simple things you don't want to be working on foundations roofs. Plumbing Systems Electrical systems. You want to look at a place and go.

Ah, all I have to do is do some paint, carpet, update the spruce up the cabinets, and I can build equity in this home you go into. Let's just say, like my first home, A three hundred thousand dollar home or a four hundred thousand dollar home. Whatever it is, you put three and a half percent down on a three hundred thousand dollar home You're looking at around ten thousand dollars plus closing costs, You're in for 20 grand. Then start learning how to fix things up yourself a little bit.

Build that Equity over the next year or two. And the cool thing about that is, rather than being worried about mortgage insurance which everybody's like, oh, try to put 20 down. Stupidest thing in the world. It'll delay you from buying real estate.

People don't get to 20 down really easily. Why? Because when they see the money in their bank account, they start working less. Hardly, they start spending more money, right? This is why one of the first things I said is stop looking at your profiles and your accounts and your portfolios and stuff. Focus on making as much money as possible.

Get into owning real estate. Owning real estate. that ideally is a wedge deal where you're buying a home for three hundred thousand dollars in a four hundred thousand dollar neighborhood that needs maybe twenty thirty thousand dollars of work. Now all of a sudden, you're getting three bucks back for every dollar you're putting into it.

And it makes it easier to get rid of mortgage insurance in the future because you're building. Sweat Equity That's awesome. Got plenty of videos on the channel about exactly that. In fact you could just type into: YouTube Meet Kevin Biggest loan myths Uh, biggest lies about real estate.

uh how to build wealth with real estate your first rental property for Real Estate You can see these videos on YouTube of course A lot of them have a ton of information in them, but obviously as well I Also sell education I sell really in-depth uh lecture courses for uh, building your wealth as a real estate agent, going zero to millionaire as a real estate investor, uh, owning your first home and then getting into your first rentals, do-it-yourself property management and Rental Renovations it Elite Hustlers for starting your side hustle or increasing your income at the job where you are. And you can use the coupon code in the description link down below. There's one expiring tonight. Let's call PP and you can click the link down below.

It should update if there's a future coupon code if you're watching this in the future. So the big goal of reducing your debt and maximizing your income is obviously buying real estate because you don't just want to buy one home. The easiest way to become a millionaire is you buy your first home and you Bank hack. You put three to five percent down.

You buy your first home, you live there for a year or two, then you rent it out. Now you've got homeowner financing rates and your next home you buy with three to five percent down. Again, ideally you buy properties where when you buy them, you're getting a good deal to where if you needed to rent the property out, you could rent the property out and cash flow. That's ideal, but it's not possible in every area.

But that's actually okay because if you're putting three or five percent down, you're probably not going to cash flow and a lot of people think oh well. I guess I can't do real estate Wrong Answer: Because think about it this way. Let's even say worst case scenario, you looked and you're like all my payments for this house maintenance, principal interest, taxes Insurance Management Everything all my expenses on this house were going to be 2500 bucks a month and you look at and you say well, I can only rent it out for 200 a month. You look at that and you're like dang, that's a 500 a month loss.

Well some people look at that and say I'm just not going to buy real estate. Then when the reality is because you put less money down, you should be asking yourself am I willing to invest an additional six thousand dollars per year into real estate? In most cases, the answer should be absolutely yes. Uh, the reason you really want to focus on Building Wealth with real estate is because of the leveraged effect of real estate, the compounded effect of real estate. The beauty here is if you put three percent down on a 300 000 house, you're into the deal for with closing costs, say twenty thousand dollars.

Now if the property value was bought as a wedge and you have a hundred thousand dollar upside in it, Well, you've already 5xed your money in equity. You went from twenty thousand dollars of net worth to a hundred thousand dollars. But let's say you paid market value for the home and now the home went up ten percent in value. Well you just increased your Equity thirty thousand dollars on twenty that you put into it.

It's a phenomenal way to build wealth and the worst thing that you could do is look at lifetime interest paid because it. totally forgets that when you have a 30-year mortgage, the interest you're paying every year in the future is actually worth less and less and less. So many people get dissuaded by. Oh, but over the lifetime, I'm gonna pay so much an interest and they forget all of the opportunities that are afforded to home owners.

not only tax benefits of rental property especially, but also the leverage benefits. The safe, leverage, safer, leveraging benefits of real estate that actually let you build your net worth and potentially pay no taxes in the future. You heard that right. There's a potential you could pay zero taxes on real estate gains ever.

It's a combination of the 1031 exchange and stepped up tax spaces Details: We won't go through in this video, but there are phenomenal ways to never pay taxes in real estate. So real estate if your net worth is under a million dollars, and for some reason, you're not thinking about becoming a homeowner I personally think you're doing it wrong. but again, I'm not your personal financial advisor, so who knows. But then again, I will tell you.

even though I'm a financial advisor I Found and this isn't to bag on other people, it's not that at all, it's just my perspective. I Found that many financial advisors aren't a big fan of people getting into real estate, and that's because sometimes there's actually an incentive to suggest no, just invest in our stock products or our mutual fund products. And I personally think that's a missed opportunity. And that might be because financial advisors often are driven by some form of a commission and if somebody goes and buys a house, that's money that they're not putting in with that.

Financial Advisory firm. And sometimes I think there's a negative bias there. But then again, look, any industry professional you're going to talk to is going to have bias. You go talk to a Realtor that you find.

Obviously, they're going to be biased for you to buy a home, but start small. I'm a big fan of bank hacking. You start with a one bedroom one bath if you can, or a two-in-one and then you have a reason to go to a bigger home as your family and your needs grow. If you start with a five bedroom three bath home, how are you going to tell the bank? Oh, I'm moving into a three bedroom one bath I'm downsizing.

Dude, you're 25. You're not downsizing. You know they won't believe you and then you and then you get the loans anymore. Uh, that's the beautiful thing is.

if you're moving into a home every few years, you don't even have to do it that often. I mean look around. How many people do you know that own more than five properties and now ask yourself if you're 25, Do you think you could buy one property every five years for the next 25 years? you'd have five properties by the time you're 50. you'd almost have the first one completely paid off, not even making any extra principal payments because you're on a 30-year mortgage.

It's phenomenal. So Real Estate Real Estate Real Estate Real Estate If you are ignoring getting Educated in Real Estate I Highly, highly encourage You do everything you can to get educated in Real estate. You don't have to buy my zero to millionaire real estate investing course. Start with Google Start with YouTube whatever you want you know some people like oh, I could just Google it.

Do it. Start with that and then if you want a structured path and you want all the insights that I have, uh, having started as a real estate investor, having a launched a real estate startup, uh, having been a real estate broker, having been a lender, having been a contractor, having done all that well, then that's an opportunity for you. so only after you own real estate and in my opinion, after your net worth really grows above and beyond. The starting processes of stocks is really when I think it's time to prioritize the stock market.

So let me clarify that I Do think it makes sense for people to start with a Roth This is a tax savings account. Where uh, where it's a retirement account. Essentially where when you put money and you contribute to a Roth uh, what happens is uh, you put in after tax money and you can grow that money tax-free The cool thing that's a hack about a Roth is you could actually take that money out of your Roth If it's for the purpose of buying a home, you could look up the limits for that and the rules around that online. But principle that you put into a Roth you can take out.

Look, you know, fact check everything with a CPA But principle you put into a Roth you could take out, especially if you want to go by house. But for any reason. really? with a Roth Uh, there's some ways you could do that with a 401k as well. I'm a big fan of taking advantage of any kind of matches your employer gives you, but really, the priority when you're starting your net worth building shouldn't be stocks.

Sure, do that in in, uh, your retirement accounts Max those out, but then focus on real estate after you focused on real estate. I Think one of the best long-term Investments that you can make is into various different ETFs You can pick index-wide ETFs which have very low fees or if there's a certain theme that you're a big fan of. uh, whatever that theme may be, you can pick actively managed ETFs which have a slightly higher fee, but the benefit of those is an active manager can trade stocks for other stocks within a portfolio, rebalancing a portfolio, and not passing on capital gains to you because you're just holding the ticker, which is the basket that encompasses the portfolio. So that way, if one stock runs really hot, an active manager can sell some of that hot stock, buy some of the other stocks that haven't moved up as much yet and not pass along potentially a capital gain to you as the investor.

If you manage a portfolio or yourself, and you're in that situation where one of your stocks ran, you're going to look and go. dang. I Don't want to sell because I don't want to pay the taxes, but that's really bad for a diversification point of view. It could really hurt you in the future if that stock goes through a bear Market cycle or a recession, as many people have learned in 2022..

So an active man, an actively managed ETF could be a really good opportunity, especially if there's something thematic that you're a big fan of. Whether that's an energy play or it's an innovation play, it's a pricing power play, whatever it is, so that's a great way to invest. In my opinion, again, not personalized. Financial Advice for you: talk to your own advisors for your own personalized advice.

And really, then in my opinion, the last step is expanding all of the previous ones. It's expanding the businesses that are making the most money for you, putting more money and more investment and more time into those businesses. While you're in the growing phase, it's expanding your real estate portfolio on a personal level, taking advantage of the fact that you can get up to 20. Fannie Mae Freddie Mac Uh, 30-year fixed rate loans in America This is absolutely amazing and taking advantage of the fact that if you're invested in ETFs you could potentially never pay taxes on your stocks.

Just like when you exchange real estate, you're letting other people exchange stocks for you. That's a phenomenal opportunity. Or you're trading within. You know, make your trading account your Roth if you really want to trade.

or do that within your retirement accounts, right? So expanding is such a critical part. I'm such a big fan of expanding and this is actually where I Think one of the biggest pitfalls that people run into is passive income. Passive income is such a lie. When you're trying to build your net worth, when you're trying to build your net worth, you should be running away from passive income.

Passive income means more passive taxes. You want passive wealth. You want your assets to passively becoming worth more. Real estate tends to become worth more over time.

Your real estate debt becomes worth less over time as your tenants are paying off. Uh, it off. Automatic way to build wealth. Real estate Usually an automatic way to build long-term wealth.

If you have a long-term focus is you're sitting in ETFs that are rebalancing for you so you're not paying taxes and you're staying away from dividend stocks which are really a horrible thing to invest in when you're trying to build your wealth because usually what people do is, then they're like oh, I got all this passive income I Guess you know champagne on me tonight because I got positive income. Well now you're spending your now, you're paying taxes and you're you're burning your passive income. That's dumb. Now some people like, oh well, we'll just reinvest your dividends.

Why would you do that? You should invest in my opinion, in things that build your wealth without giving you tax implications. Dividends are tax implications? Ideally, you find companies that reinvest their own profits, so that way you're not being exposed to taxable events, you want to minimize taxes, and ideally you build a portfolio that you're minimizing taxes within to where in the future. And this is what rich people do in the future. What people do is they look at their real estate portfolio and they look at their stock portfolio and they say well, I don't want to pay taxes on real estate because I'm going to depreciate to offset my rental income and I'm going to 1031 exchange in case I need to trade a property.

Oh I'm going to hold an ETF which is going to rebalance for me so I don't have taxes over here. How do you get money out of this without taxes? You take a loan against these assets. You take a loan against your house like a credit line or an A pledged secured credit line where you're pledging some of your assets. Whether it's your real estate or your stocks with a bank like you go to a JP Morgan Hey, these are my assets I Want to take a loan out against them? They say great.

We'd love to give you a loan. and guess what happens when you take out a loan because you need some money to start up a business or whatever. Oh wow, you don't pay taxes because it's not a taxable event. That's how the rich people get around paying taxes.

If you want to build wealth, you want to be a millionaire, you got to start thinking like a rich person. And so this is why when people are like, oh, I don't have any money to start my business. Well, if you had gotten into real estate, maybe you would have had a piggy bank to break. uh, the real estate box On so to speak.

The Real Estate Piggy Bank on. Take some money and then go fund your startup, right? Uh, so big. Big fan of being tax efficient as you're building your wealth. and of course, minimize the risky forms of debt, risky forms of debt, or things you generally don't want to touch.

Balloon payments? Stay away from variable rate loans. Just stay away from these. The easiest answers to Stay away from them. Uh, when you're more advanced, you've got a bigger portfolio.

Maybe Uh, so get fixed rate loans with fixed amortization schedules, fixed payoff schedules, no balloon payments, no hard money loans, no short fuse lending. Uh, and try to stay away from margin. But you also have to stay away from negativity. And this is one of the first things that we talked about.

See here. somebody named Travis in the comments says Upward Mobility is a myth that is I I Think you're just saying that. For me to say, that's the stupidest thing ever, it's a complete lie. If you don't think Upward Mobility exists fine, then do whatever it is you're doing and keep thinking small.

But the reality is if you become better at what you're doing every single day and you become better at solving your problems, your income will go up. The more you can solve better problems, the more you get paid. It's that simple and it's super super important that you always focus on improving yourself. One of the things I ask people sometimes is hey, um, you're trying to make more money.

How many words per minute do you type and they'll say I don't know 30 and I'm like, how are you going to make more money typing 30 words per minute when the dude next to you who wants the same job you're trying to get types 120 words per minute. Who's going to get the job If the job is being efficient in the office Place Everyone should be more efficient in the office. Place How hard is it right now to go in the App Store and download a piping program and become more efficient? The more you become a more improved person, a more improved individual at all aspects of your life? you're You're have a nice personality, You're nice to people, you try to help people, you're empathetic. You're sympathetic.

You understand the difference between empathy and sympathy. You understand how toxic relativity is, how toxic hate is, how toxic Envy is how toxic conspiracy is. You understand these things and you understand the things that actually give put you in a down mood versus things that put you in an up mood. Well then all of a sudden you can really start aligning your life in such a way that you focus on just building your wealth.

I even tell myself I was just in a meeting with my CPA uh, we had a two-hour meeting. That's what I just did the last two hours. Great guy, love him to death and one of the things I said is I don't care about any kind of numbers right now I am going to work through this recession as if my net worth is zero because what my net worth doesn't matter to me. My goal right now is increasing income and I'm in a place where I don't need to make that decision.

but I've decided I want to because I want to expand now. Once you build a net worth, you can make the decision. I could have made the decision this year I could still make the decision Now that if I want to go into retirement mode, start paying things off, you go into retirement phase of life. That's when you care about dividends.

That's when you care about passive income. That's when you care about paying things down and scaling down your business. I'm 30 years old I don't ever want to scale down me. my personality says I always I will find a work-life balance but I'm going to work hard because I love stuff going on I cringe at the idea of being you know, retired and sitting at a dinner table with my spouse or or my son and I'm like so what's new in your life because uh, I got the paper today and that's all I did today and I read the newspaper.

but I read the newspaper and build businesses That makes me happy I think the journey is what creates happiness. It's not a number in the bank account so I think it's a really important idea. So thank you so much folks for watching this video. I Can't believe it was 36 minutes long! We did it all live.

If you appreciated this kind of content, remember that! I Also on a daily basis when the market is open, so that's generally Monday through Friday do uh course member live streams. We are also doing a trading challenge. The trading challenge is educational. It is turning into a five million dollar trading challenge between now and 2023.

It's all about learning how to take advantage of volatility in options trading. It's really cool. It's gonna be super fun. We've already started that that's in the stocks and Psych group, but again, that should be in the respects of this video.

that should be part of the smaller part of your portfolio. Longer term. What do you want to think about? Well, number One: Negativity and hate. Get that out of your life.

Number: Uh, well, that's zero Actually Step Zero Number one would be Health Nutrition and knowing thyself. Number Two: income. we talked about those High income areas, right? We talked about high income jobs or or focusing on hey, what does it take to get a better paying job and then doing the things on that checklist. Number Three: taxes and side hustles Number four Debt Pay down Number Five Real estate Bank Hacks start small, move your way up.

Uh, passive wealth versus passive income stocks via ETFs or retirement accounts and expanding and anytime you want to scale down, you have the choice to do so. When you have the wealth, always start with wealth first because wealth gives you options. If you have no wealth, you have no options anyway. Check out the programs of building your wealth down below.

There is a coupon code expiring tonight and in the future. If you watch this video in the future, if you go to the website there might be a new uh coupon there, or just go to a more recent video and see if there's one there. Thanks for watching, We'll see in the next one. Goodbye and good luck.