- How would you like to increase your money IQ
by leaps and bounds starting today?
If you're anything like the hundreds of thousands
of people who Google search every month
for how to make money, how to save money,
or how to invest money, then this is for you.
In this video, I'm gonna give you my six best
money tips that will get you on the path
to becoming a millionaire
if you do every single one of them correctly.
If you wanna become a millionaire,
then make sure to Hulk-smash that thumbs up button.
Hey, I'm Jarrad from Debt Free Blueprint
where we talk about personal finance topics
based on the Debt Free Blueprint.
If you want more videos about everything money,
then hit that subscribe button and the notification bell
so YouTube knows to deliver them to you.
You can also check out the description for playlists
on different personal finance topics as well.
I have a secret to tell you.
Something bad is going to happen this year
that's going to cost you money
that you weren't planning on spending.
It always does.
Your pet's gonna get a tick and need medicine.
A tire on your car is going to start
losing air for no reason.
Your going to try to jump as high as you can just for fun,
get injured and have to go get X-rays.
And of course a crazy ex is going to steal a key
and you'll have to change of all the locks in your house.
Yes, all of these unexpected expenses
happened in my life over the past year.
Things I couldn't even plan for.
Some of this expenses you can plan for though,
and some of them you just can't,
because they just happen out of nowhere.
Since we know this is a fact,
you should start saving up some side cash
to pay for it all before it actually happens.
Call it an emergency fund, call it an I'm-an-idiot fund
or whatever the heck you want.
I usually suggest at least $1000,
but honestly, anything is better than nothing.
Since I'm out of debt, I have nine months
worth of expenses set aside for anything that goes wrong.
I would not suggest having this much on hand
if you're in the process of paying off debt.
Another benefit of having some extra cash
sitting in a high interest savings account
that's easily accessible is that it'll make you better
learning how to let money just sit there
that has a real purpose.
A lot of people feel like if they have money,
then they have to spend it.
Think about it like working out your smart money muscle.
The longer you do it, the stronger you become.
If you're familiar with the foundation of financial freedom
and my story, then you knew that this one was coming.
Start increasing the amount of bad debt
that you pay off this year,
even if it's just a little bit.
Then that's okay.
Carrying that bad debt for long periods of time
is burning a hole in your bank account
through that interest that you're paying
every single month.
It should make you angry
when you see how much you're paying.
That interest could be going towards building wealth
for yourself and your family.
Focus on paying off the higher interest debts first
to get them paid off faster
and save more money in the process.
I've mentioned many times how paying off
my $82 thousand in four years
was probably one of the best decisions
that I've ever made up until this point.
Was it easy?
No way.
But it completely changed my life
and I've seen how it's changed other people's lives
who I've personally worked with
and others that I haven't even worked with yet.
That level of freedom that you get
from paying off your bad debt
is something that not many people
will actually ever feel.
You'll notice that before you actually get all
these debt paid off, it will change you for the better
in ways that you didn't even know that it could.
Is is painful at times?
Of course it is.
But anything actually worth doing is a little annoying
and hurts a little bit at first.
For all of my friends who are out there
in the process of paying off your debts,
leave a comment down below.
Let me know how the process has changed you for the better.
So people actually believe us.
This one is so easy to overlook
because we get a little bit too comfortable.
If you wanna become a millionaire faster,
then you need to focus on making a move
with your career starting today.
By making a move, I'm talking about
start working towards making more money.
This can be done in one of two ways
and the pay off is huge.
I'll show you how huge in a minute.
The first way is to sit down with your manager
to figure out what you need to do
to get a pay increase.
Don't feel weird inquiring about it either.
Just have the conversation
because you're probably being underpaid.
The second way you should make a move with your career
is by leaving your current job for a better opportunity
with a new company.
On average, people see the biggest pay increase
when they switch jobs.
Don't be afraid to leave your current company
for something new.
I know where you currently work feels more comfortable
but trying to maintain that feeling
is costing you a lot of money in the long run.
To make a meaningful change, you're gonna have
to get a little bit uncomfortable.
Set a little time aside over the next week
to get your resume up to date
with anything new and try to keep updated going forward.
If you keep up on this, then applying for new jobs
becomes a lot easier, and the payoff
could get you to the point
where you are a millionaire faster
than you ever imagined.
In today's day and age, companies are becoming
less and less loyal to their employees.
For the majority of them, all you are is a number.
And because of that, you need to make sure
that you're looking out for yourself
and maximizing your income at all times.
Did you know that a $5000 raise after taxes and invested
has the potential to be worth over $135,000 in 20 years?
And over 30 years, $300,000.
Let that sink in for a minute.
That's the power of getting a raise,
investing it and taking advantage of compound interest.
Life-changing money.
I made a video on how to negotiate a raise.
I'll link that video in the description
for you to watch after this video.
The easiest way to make money
is by making your money make money for you.
What?
If you spend $25,000 on a car,
then is that money making money for you?
Of course not, because a car is probably
one of the worst places to spend large amounts of money
since it's an asset that depreciates
faster than it takes me to swipe on that dating up bumble.
Because of that, you should spend the least amount of money
on purchases that will not give you a return
and more money in the areas
that will have a higher return for you.
A better idea is to buy a $10,000 car
and invest the other $10,000.
The easiest way to invest your money
is by putting it into a low-cost index fund
like VTSAX or VTI.
I'm not giving you financial advice.
If the thought of investing makes your head
absolutely spin, then there's companies out there
that make it a whole lot easier for you.
Their fees are extremely low,
like lower than the fees than some of those
blood-sucking financial advisors
who charge you extremely high fees.
Can you tell that I have a strong dislike
for financial advisors that charge you way too much
and pretend like they have your best interest in mind?
But more about that in a minute.
If you invested $6000 into your IRA
every single year for 30 years,
we assumed a seven percent return,
then you could have over $500,000
waiting for you in retirement.
Now back to how much fees are costing you.
Just so you know, a one percent fee
may seem like a really low amount,
but it's considered high and can cause you
hundreds of thousands of dollars
over the next 10, 20, or 30 years.
To give you an idea of how high one percent is,
invest it in a low cost index fund like VTSAX or VTI.
It will only cost you .04%.
Not 4%;.04%.
That's 25 times less than that one percent
and advisor maybe charging you.
There's so many cheaper ways to invest your money
to cut out the middle man.
You have companies like Betterment
who charge .28% since you choose your goal
and they invest for you.
You can invest directly through Vanguard,
which only cost you whatever the expense ratio is
for the fund that you choose.
Or I even love M1 finance
because that platform makes it so easy to invest
for extremely low cost or even free sometimes.
I'll throw links in the description
to all those companies if you wanna check 'em out.
So basically start investing as much as possible,
as soon as possible, and avoid high fees like right now.
Let me know in the comments if you have any questions
surrounding investing, and I'll make a special video
just for you, because you're special to me.
The next tip I have for you that will get you
to millionaire status in a shorter amount of time
is learning a new skill.
If I asked you to make a list
of all of the new skills
that you learned over the past year,
then how many things would you be able to put on that list?
How about the past five years?
Now, think about how any of those skills
could make you money.
If you can't think of any new marketable skills
that you've created for yourself,
then uncle Jarrad just gave you some homework for this year.
Creating new skills for yourself
gives you the benefit of more options in life.
It's a way to bring value to more people
that don't know how to do something.
The power of a skill makes you more marketable.
If your current job decides to lay you off
and you need to do some freelance work
to make some extra cash, it gives a way
to be a lot more financially stable
no matter what happens in the future for you.
The only way to learn a new skill
is by learning about that skill and practicing it.
I'll give you some examples of just a few of the skills
that I've created for myself outside of my full-time job.
So if I got fired from my corporate job tomorrow,
I'd be perfectly fine.
I teach people about money here in these videos
and work with people on the side through coaching.
I can use that skill of teaching
to increase the number of people that I work with.
I can also this skill of teaching
by going to a teaching platform like the VIP Kid
or gogokid to teach children overseas
and make some extra money.
Another example is that by making these videos,
I've also learned a new skills
when it comes to filming videos.
I also now had the skill
on knowing how to edit videos in Final Cut Pro
and even working in Photoshop.
I've become a better writer and researcher
since all of these videos are thought out ahead of time.
These are all skills that I can turn around and use
to get freelance work if I need to.
If you are interested in learning new marketable skills,
there are so many amazing platforms out there
that will teach you like Udemy, Skillshare
or even lynda.com.
The power of learning a new skill
has the potential to save you
from some of those unknowns of the future
and increase your wealth
if you wanna add additional income to your current income.
This year, you should cut back
on some of that television or Netflix time
to enjoy the process of learning a new skill.
You'll get more value out of doing that
than you will by watching some reruns
of Friends or Full House.
Netflix shows aren't going anywhere, friends.
They're going to be right there waiting for you
when you're done learning.
I promise.
The final best money tip that I can give you
to become a millionaire as quickly as possible
is one that will help prevent you
from getting sucked into buying things
you weren't gonna buy in the first place.
Everyday, each of us moves more and more of our lives
onto the Internet.
At this point, it's something that we all
just cannot stop.
We look at things, we share things,
we see what other people are doing
and we buy those things.
What's a little less obvious at times
is how much data is actually being collected
about every single one of us.
I read an article the other day
that Amazon has so much information on us
that they're becoming experts at selling us
things we didn't even know that we needed.
And it's only going to get worse.
If you and I aren't careful,
then this is gonna leave all of us broke
with houses and apartments full of things
that will not make any of us happy in the long run.
One of the smartest money moves
that you can make this year
is to fight the urge to impulse buy things
by delaying gratification.
Learning how to second guess and question
each of your purchases this year
is going to help you fight back
against these huge companies that spend
millions and millions of dollars
to get you to buy something.
Try to put as much as a buffer
between yourself and the actual act
of purchasing something.
Be a little bit more thoughtful
when thinking about everything you buy this year.
Don't think that you have to compete
in won up everyone around you.
Links to resources on everything we talked about
are in description, so I encourage you
to go poke around down there.
If you need some help in the area
of getting your money in order,
then sign up to get on the money management course
waiting list where I teach you about budgeting
and all things money.
Link is in the description.
Make sure to smash that thumbs up button
and pick up your free copy of the Debt Free
Prep Workbook, hit that subscribe button
and the notification bell
to get more personal finance videos just like this one
so we can start getting you to a point
where you are financially free.
I'll see you in the next one, friends.
Adios.