The Great Wealth Transfer is here and it's an 84 trillion dollar opportunity that you can take part in. If you're properly prepared, this is actually being referred to as the Greatest wealth Transfer in history and it's already started. By the end of this video. You'll know what the wealth transfer is and most importantly how you can use it to get rich.

Step one: Follow the money. This is a super important step because if you don't know where the money's coming from, then you won't be able to take action. I Mean when I first read about this crazy amount of money Changing Hands My first thought was where's it all coming from Funnily enough, the answer was actually staring back at me in the mirror. Boomers Just like me? Well, technically I'm a Gen X but Everyone likes to call me a boomer so let's just go with that.

We've been around longer than Millennials and Gen Z and have accumulated a lot of wealth in the process. Boomers aren't the most liked on the internet and in my opinion, this is a lot to do with our attitudes towards the younger. Generations On average Boomers Don't seem to respect that. It's a lot harder to gain wealth nowadays and have old-fashioned advice that no longer applies.

that's why I Always try to keep up to date with the latest side hustles and invest in Trends so that I can give actionable tips in my videos that still work I Think a lot of the resentment also comes from the fact that baby boomers also own most of the businesses real estate and stocks. while saying things like why don't you have a house yet I got mine when I was 20 years old. However, that is coming to an end as it's predicted that in the coming years, 45 million households will transfer 84 trillion dollars to Millennials and Gen Z's But it's not the people receiving the money that should be most excited, it's those that think like an entrepreneur and investor. That's because whenever there's a huge transfer of money, there are big opportunities for the smart people that position themselves correctly.

I Mean most people don't know how to manage their money, which means they're likely to spend more and therefore all you have to do is position yourself in the right place to reap the rewards. So the Boomers that have been so despised will start to pass away and their children and grandchildren are going to start inheriting Mass amounts of wealth making Millennials the wealthiest generation ever. Because of this, there are certain sectors that are set to explode, especially in the tech space as more and more money is flowing into these industries. Meaning, if you have an online side hustle then you're going to be able to participate in this great wealth transfer.

Step two: Manage the Money. Did you know three out of five professional footballers and 60 percent of former NBA players declare bankruptcy shortly after retiring? This is so shocking as most of them aren't enough during their career to never work again. And and if it was invested correctly, they would still earn more than a hundred thousand dollars per year without ever running out. A staggering seventy percent of families who inherited their wealth Lose It By the second generation and ninety percent of families Lose It By the third generation I Find this statistic absolutely insane, but it just goes to show the huge disconnect from the value of money.

I Think the best term to describe this would be easy come easy go. Once it reaches the third generation, the people in control of the money become completely disconnected with how hard that money was to earn. I Always taught my son Curtis that money wasn't easy to make and it's something that must be valued and used wisely. This did make me seem a bit of a harsh doubt because when his friends got the latest phones and game consoles I would always tell him he had to save up his own money, which he made by picking up leaves in the garden and other odd jobs around the house when he started his first business.

I Also made it very clear that he could have as much advice as he wanted, but no money to help him. This is because when it comes to making money, the first hundred thousand dollars is the hardest and the lessons you learn along the way are very valuable. He now has a net worth of over one million dollars at the age of 25, and because he made it himself I'm confident he'll know how to manage it correctly. Just to back up this point, a study recently found that around 68 of those with a net worth of 30 million dollars or more made it themselves.

and a second study by Fidelity Investments found that 88 of all millionaires are self-made This just shows. No matter if you inherit your money or make it through a side hustle, you won't become truly wealthy unless you fix the way you manage it. Step three: Grow Your Money. I've always been a firm believer that it's not how much money you make is how much money you invest.

Of course, the more you make, the more you're able to maximize your Investments But wealth building is mostly down to strategy and psychology, so let's dive into how you can grow your money like the richest people in the world do, and hopefully by implementing this strategy, you can make yourself a millionaire. in the process. With the right investment strategy, you will be able to gain your Financial Freedom You will be able to make a consistent amount of money every year and you will be able to beat the odds and never have to work ever again. First, have an emergency fund I Know I might sound like a broken record, but surprisingly a huge amount of people would find it hard to cover and unexpected expense if you start investing your money without an emergency fund, then it can force you to sell your Investments at a loss.

If something unforeseen happens, the perfect emergency fund is three to six months of your living expenses. This would be helpful if you lost your job, became ill or your car blew up. Second, pay off your high interest address that. Sure, you could skip this one and dive into investing, but why take the risk when you can get a guaranteed return on investment by limiting the money leaving your bank account every month? If you have a high interest debt for something that's not making you money such as a car loan for example, then it's best to get it paid off as soon as possible.

The way I like to think of it is if the car loan is 20 interest, then paying it off is as good as earning 20 and it's guaranteed. Third, open a tax advantaged account. This may sound boring, but stay with me. It allows you to pay less of your hard-earned money to the government.

I Mean why give it away when you don't have to? If you live in the UK you can open a stocks and shares Isa And if you live in the USA you can open a Roth IRA. These are tax advantage investing accounts that allow you to build your wealth long term with all gains completely tax-free Most countries have tax advantage account which may work in a slightly different way, so you'll have to do a bit of research to find out what's available to you in the UK you can deposit twenty thousand pounds to your Isa each year and withdraw whenever you like. Completely tax-free In the USA the Roth IRA Works A little bit differently, you can only deposit six thousand dollars per year and you can't withdraw tax-free until you're 59 and a half. Why it's 59 and a half I Don't know I Stopped measuring my age like that when I was seven and a half fourth invest in the stock market I Always hear people saying I've invested in my Roth IRA and when I ask them what they've invested in, they just say a Roth IRA So let's clear this up once and for all.

these are just accounts. Think of them like empty boxes. It's up to you to fill those boxes with whatever Investments you like. If you only have around a hundred dollars, then investing in individual stocks could be for you.

It's a great opportunity to learn how to read financial statements and hopefully have a bit of fun along the way. If you can afford to invest a little bit each month, then you should look to build a three-fund portfolio. This consists of a US index fund, a Total Stock Market Index fund, and a bond fund. Bonds are much lower risk but offer far less rewards.

so the younger you are the less bonds you should technically hold. If you choose to use this strategy, then you'll own a small part of the entire stock market index. Funds like the S P 500 typically return investors an average of seven to ten percent a year. There are tons of compound interest calculators online that you can use to work out your retire environment.

or Freedom figure based on what you can afford to invest. Fifth, consider cryptocurrency. I Know crypto doesn't have the best reputation at the moment. However, with crypto being the tech version of money, it makes sense that this could see growth in the future.

I'm not saying invest a large percentage, but it's probably a good idea to have a little bit of skin in the game, especially when prices are low and people aren't talking about it a lot. I Usually stick to the Blue Chip coins such as Bitcoin and Ethereum and invest no more than five percent of my portfolio I Like to Buy and Hold long term just like I do when I'm investing in stocks. But I'm not oblivious to the fact that some of you guys decide to try crypto with a smaller amount of money. So here are some words of wisdom from me: When investing in Crypto or even trading, it's important to use a tool that prioritizes your safety and provides you with the necessary data you need.

You need to look for a platform that has state of the art encryption and holds your assets one to one, which means if you own a whole Bitcoin The Exchange actually holds that coin and doesn't loan it out to somebody else without your permission. If you're more advanced, then of course make sure the exchange you use offers features that help you trade such as a trading view which allows you to interact with other Traders share ideas and access advanced charting and custom watch lists. An exchange that ticks all these boxes for me is Coinbase, so it's great that they recently reached out and asked to sponsor a video. So if you want to trade crypto, then check out Coinbase advance and for a limited time, enjoy Zero trading fees until October the 7th 2023 with my link in the description.

Sixth, start a tech based side hustle I Get that some people want to go out and do practical side hustles I Did that back in my day car washing, driveway cleaning, and grass cutting. but take it from me, the future is online. Use your money to get good at Online skills and then use them to make even more money you can sell to a global Marketplace and there really won't be anything limiting you apart from a little bit of competition. So the race to start a side hustle starts.

Now, if you want to know how to start a side hustle from nothing, then you can watch this next video. but don't click on it just yet. Make sure to subscribe if you want to grow your wealth. Okay I'll see you over there.