how's it going everybody I am Mike the CPA welcome back to money and life TV
the channel that people come to to learn about finances investing and taxes! I
have a question for you guys when you think of investing what do you
typically think of well for most people it's usually stocks come to mind bonds
real estate and for some even Bitcoin but what I found is that most people
miss the greatest investment opportunity of all because it's the one they think
about the least and that investment opportunity ladies and gentlemen is the
chance to own and operate your own business if you watch my video the main
differences that separate the rich from the poor you will quickly learn that the
greatest opportunity to build wealth and financial security for you and your
family is to own and operate your own business go ahead go look at the Forbes
fortune 400 list and you'll quickly see that most of the people on that list are
business owners example after example after example is laid out right there in
front of you but seriously who cares about how rich those people are in their
millions their billions gazillions whatever amount of wealth they're up to
now really for most people and for myself I really don't need that much
more money to be where I want to be personally if I had an income of two to
four hundred thousand dollars a year that would be more than enough in fact
if I had that type of income I would be in the top five percent of income
earners in the country and the closer that income got to 400,000 at that point
I would enter the 1% the top 1% of all income earners
within the United States
there's all this talk about the secret to building wealth but the truth is
there really is no secret and you've probably known the secret all along deep
down inside of you you've known that running your own business is probably
the most lucrative thing you can do but maybe you never had the courage or the
belief to actually pursue it I'm not sure if most people are aware of this
but right at this very moment is one of the most opportune times in all of human
history to start your own business we have more resources tools technology etc
than any other generation in history so if you've ever thought about becoming an
entrepreneur literally right now is one of the best times to do it how many
people do you know go through their entire life thinking that their income
is only what their employer is willing to pay them they're stuck they don't
think their income could ever be higher they're only worth what their employer
thinks are worth how many people do you know who think that way now to back up a
little bit and to be clear I'm not encouraging anyone in this video to quit
their job in fact for most businesses now you can actually keep your current
job and make an income from that while you start your business start your
business small it doesn't have to be big just start small and go from there find
something you're passionate about find what you're good at and start to do
something on your own on the side to start to make some additional income for
yourself I encourage you to ask yourself what are you already good at what skills
do you already possess that would allow you to use some of those skills to
generate additional income for you outside of your job I'm giving you
permission to go give yourself a raise you don't have to wait around for your
employer to start appreciating you you don't have to do anything extreme start
small many businesses can be started now with very little money the only thing
you need to put in is sweat equity besides if you wait around for your
employer to actually start appreciating you you might find yourself waiting a
very long time now I know what some of you are thinking you're saying Mike I'm
exhausted I'm already working like a dog I'm already tired I can't stand the idea
of working more and I don't have any spare time
I hear where you're coming from and maybe right now
maybe you can't take on anything else like starting your own business and
that's fine but if you're somebody out there and you find yourself wanting a
change wanting to do something different something you're more passionate about
something that could be very challenging that you've never reached for before
then I would encourage you to look into starting your own business in 2019 and
I'm not going to even begin to tell you that this is gonna be easy this could be
one of the hardest or most challenging things you've ever done in your life but
from my own experience of even just launching this YouTube channel it's one
of the most rewarding things I've ever done in my life I have three questions
for you right now one can you actually do what you love at
your job and make money doing it too do you expect your employer to give you a
significant raise of ten thousand twenty thousand or more in the near future
three are you working the schedule you desire how much flexibility do you
currently have for me I was lucky enough to even be able to answer yes to one of
those that the flexibility question number three I really like my job a lot
I'll be honest with you guys I really do enjoy what I do at work
but my job is not who I am it is what I do to make a living I'm very grateful
for what I have but I want to do better I don't want to wait around for somebody
to decide when they're gonna pay me more as you guys probably have already
guessed my true passion life is teaching and I used to actually before I ever
even became an accountant actually used to be a substitute teacher and taught
math but really the subjects I'm passionate about teaching our finances
investing in taxes because I feel those are skills that are so necessary to
learn in the world we live in today and you really can't learn them anywhere
else God knows school is not gonna be
teaching that stuff anytime soon when I make these videos for you guys I'm not
gonna lie it takes a lot of work it could take me anywhere from 10 to 15
hours a week to produce some of the videos I make on this channel but I love
it I absolutely love it and it's so much fun to produce something be be able to
be creative on my own terms my own terms nobody else's and get to share all this
with you guys if you're able to make a business around something you really
enjoy doing I can tell you right now from my own experience and from the
experience of other entrepreneurs it doesn't feel
like work it's not the same as going to work at a job you hate or even a job you
like it's a different filling altogether this is my second year into the channel
and at this point I've been able to help hundreds maybe even thousands of people
across the country and some people I've been able to interact with and actually
different parts of Europe France South America etc it's it's pretty incredible
where this where these type of opportunities can take you now I'm going
to share some stuff with you just about this channel that I've never shared with
anybody on camera before so my whole first year on YouTube I worked my butt
off and my whole first year I made 142 books
142 bucks I would have made so much more money working part-time at McDonald's
but that's okay because this channel gave me an outlet to one do something
I'm passionate about to help people in a way that I've never been able to help
them with before and three make a little bit of extra money doing it now going
towards the end of my second year the channel has cleared over $4,000 in
revenue and it's growing faster than I ever imagined this will be the first
year that I actually get a 1099 from Google so I'm pretty excited
clearly four thousand dollars is not a lot of money like I just said but when
do you expect your employer or whomever to give you a four thousand dollar raise
for next year or more when is that gonna happen for you ask yourself be honest
with yourself when is that going to happen
so in my case the way I got started is and I was a few thousand bucks instead
of investing that money in my 401k or the stock market instead I decided to
invest that money into buying equipment camera computers etc to launch this
YouTube channel and I do not regret it for one single second I know this
example is an overly simplified example but it doesn't have to be complex guys
there are so many more ways to make additional income now in today's economy
and as you guys probably know from watching my other videos in this series
there are it's act I feel it's absolutely necessary to make more income
it's more important than ever to make more income than it has been in the last
100 years with the cost of living and how fast it's rising seriously even if
you could just make a few extra hundred bucks a month how
would that help you how much quicker could you pay down your student loans
that whatever or even invest for retirement just imagine how fast that
money could compound if you're constantly investing more money every
month into retirement it's amazing what that money can grow to
so starting right now I want you guys thinking about what are you going to do
to start raising your income next year whether through whether it's through
investing or your own business what are you gonna do to start to take control of
your own financial situation and not put it all in the hands of your employer
remember guys I'm not encouraging to quit your jobs you can keep your jobs
you can find a way to do that and still launch your own business and start small
and grow it from there save up some money from your job from your job is
your cash cow for most people their job is their main source of income so keep
your cash cow don't kill it off and use that money invest that money into your
own business and buy all of your equipment and things debt-free so you
have no pressure on your shoulders and go ahead and get started
all right guys I'm gonna share something with you I've never shared before on
camera so before I ever launched this YouTube channel you know I was branded
to this I have no background whatsoever in filmmaking
video editing or nothing okay I have zero education in this I had to learn it
all by myself and so I spent before I ever spent a dime investing in any
equipment that usually I see these camps is the camera that you're looking at me
from these ring lights and all this kind of stuff
I studied YouTube for three months straight
I watched countless hours of videos of how to do YouTube I searched you know
how do you rank in search how you create thumbnails I learned about all the
different types of software that are out there that people can use that at videos
and so there's all these things I studied before I ever spent a dime and I
would encourage you to do the same is before you ever launched your business
study your business are your trade whatever you're thinking of doing study
it as much as you can learn as much about it as you can for free before you
ever invest any of your hard-earned money by investing the time to learn
about all that stuff before ever launching the channel it has is really
helps and I really appreciate all the support you guys give me on this channel
clearly I'm not telling you to do YouTube I want you to do whatever you
feel you're best at because there's a lot of ways to make money quicker than
doing YouTube YouTube is a very slow growing business so that's it's it's
something that usually doesn't happen for most people overnight but the point
is is to find what you're passionate about and what you think you could be
good at too and make money doing it on the side one of the perks one of the
biggest perks of doing your own business is you unlock all the tax advantages
that business owners have when you decide to launch your own business
there's a lot of tax breaks that aren't available to employees but once you come
over to the business side things start to change more and more in your favor
when you start your own business and when you invest now I know starting your
own business is not for everybody and that's fine but I at least wanted to
encourage you or think about the idea take into consideration for yourself in
2019 and 2020 if you decide to launch your own business
take it slow learn as much as you can for free over the internet reading
articles publications very etc take it slow watch your money
management don't overspend get some revenue coming in and take it one step
at a time remember guys if this sounds big and scary but you can start small
and grow your client base our customer base from there as I wrap up this video
I'll leave you guys with this today we live in a world where most people are
further in debt than ever before the gap between the rich and the poor has
probably never been wider than it is today or at least not in my lifetime
many adults can no longer afford to purchase a home even adults who work in
a well-paying jobs are struggling here in California where I live I've never
seen as many homeless walk the streets as I do today despite all these
challenges history has proven to us that the greatest investment time and time
again and the fastest are one of the best ways to wealth is to work for
yourself or launch your own business we all have different gifts it's time to
find what your gift is and how you can make money doing it launching your own
business is gonna give you more control over your financial future more than
anything else you can do now it's time to hear from you guys I would love to
know what you guys think about starting your own business would you ever even
consider it if so what kind of business would you consider starting would it be
something internet-based would it be something like a landscaper plumber
launching like a physical store selling products selling services what what
would what comes to your mind when you think about launching your own business
what truly motivates you what have you always wanted to do but have been too
afraid to do it let me know down in the comments I can't wait to see what you
guys have to say about all this if you guys liked the video today make sure you
crush that like button down below share this information with a friend
especially somebody who you know who needs either make more income or has
thought about starting their own business and if you're new to money in
life TV welcome to the channel on this channel we help people just like
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video it's always a blast hanging out with you guys I love you all have a
great week stay chill and I'll see you in the next
step zone and live life on gauged bye guys
peace