(machine clicks and whirs)
- Three money skills you must master
if you want to create wealth.
Now, there's so many skills that you need to master
if you wanna make more money
and if you want to become wealthy,
but I believe there are three skills that you must master.
The very first skill is making it.
Now, at first when I started in my business,
I wasn't very good at making money.
I was trying all kinds of business ideas
and most of them failed.
As I was getting better at making it,
which is usually a function of sales and marketing
and generating revenue.
What happens is I was very good
at making it, the first skill,
was mastering the first skill,
but I wasn't good at keeping it.
You've got to understand when I was in high school,
when I first came to Canada, I had no friends.
I was the invisible kid
so I had no one to talk to.
I craved to have people around me.
I craved friendships, just some companies.
So what happens is I was making more money.
Guess what?
I was getting a new car every year,
a brand new car every single year,
and I was going out with my friends,
I was buying them drinks,
I was taking them to dinners.
The problem was I was also not keeping my money
'cause I thought that's how I would buy friendship.
That's how I would buy companies
and they were with me.
I would take them on vacations,
I would buy them stuff,
but those weren't real friendships.
Those are not real friends, you know what I'm talking about.
We would go on a night and I would drop
like three grand on a single night
and I don't even fucking drink.
I thought I had to be the big man.
I would treat everybody
and it was a dumb thing to do
because I was spending stupid amount of money.
I wasn't keeping it.
Here's a problem.
When you're good at making money,
sometimes you're overconfident
and you always think, I can always make money.
I can always have money coming in.
It's easy to have money coming in.
That's the problem.
I see a lot of entrepreneurs make this mistake.
They are very good at making money.
They are very good at generating revenue, right?
They're doing sales, they're doing marketing,
they're pushing the product service out there,
they're putting their name out there,
and they're bringing in money and that's all their focus,
but they're not very good at keeping it.
Right, they're very good at generating revenue.
The problem is you cannot go to the bank
and deposit revenue.
You cannot go to the bank and even deposit profit.
You go to the bank, deposit cash, your cash flow.
How much money do you have left at the end of days,
'cause sometimes entrepreneurs,
we're so overly optimistic.
Oh, let me just generate more revenue.
I'm sure if I have enough revenue,
there's gotta be some net profit somewhere.
That's not the case at all.
I made that mistake, right?
So, when I'm sitting down with my team
on how to keep more of my money,
I would have a group of advisors in a boardroom,
where I would have my tax advisor,
my accountant, my CFO, my financial planner,
I would have my investment guys
all in a boardroom talking about
how to keep more of the money.
So, money skill number one, making it.
Money skill number two, keeping it.
And third, it's multiplying it.
And you multiply it by what?
Investing.
You see, most entrepreneurs,
they know the business they're in.
They're very good at the money making business,
but they are horrible at the money management business.
They don't even know they have this business.
That's a problem.
They have no CO running the most important
business in their lives, the money management business.
How to manage their money, how to keep their money.
Notice I said, "keep the money."
Not saving the money, not hoarding the money,
that's not what I'm talking about.
Keeping it so that you can multiply it.
Most people, they don't know how to make money,
Fewer know how to keep it,
and almost no one knows how to multiply it.
How do you multiply money?
Let's say, take real estate as an example,
what do you do as an investor?
How do you operate as an investor?
So take real estate, what areas
of real estate do you invest in?
Are you investing in foreclosures?
Are you wholesaling?
Meaning you buy property, you flip it to an investor.
Are you a fixer-upper?
That you buy a property, you fix it up,
and you sell it after for a profit.
You're flipping the property.
Are you doing lease options?
Are you investing in commercial real estate?
Are you investing in retail, industrial?
Are you investing in apartment complex?
Are you doing tax lean certificates, tax deeds?
Are you buying notes?
Meaning mortgages secured by real estate.
What do you do?
Each of these areas is a specialized area in real estate.
And then how do you put a team together?
You have your inspector, mortgage broker,
real estate broker.
You have your lendor, you have your property manager,
and on and on and on.
Putting together a team,
you have to treat it like a business
'cause it is a business.
It is a business on its own,
but most people don't even think about that.
They don't even get to that.
They are not even good at fucking making it.
Forget about keeping it and multiplying it,
but those are the skills that you need to master
if you wanna be wealthy.
So here's what I want you to do,
I want you to comment below,
rate yourself in terms of these three areas.
First one, making it, scale of one to ten.
One being horrible, ten being fantastic,
how would you rate yourself, one to ten?
Second skill, keeping it, scale of one to ten,
how good are you, how would you rate yourself?
Skill number three, multiplying it,
scale of one to ten, how would you rate yourself?
You see the school system, most people,
they would spend four years getting into student debt,
studying, learning all these subjects,
yet, they would not spend four months,
they won't even spend four weeks,
not even four hours mastering one of these three skills.
Making it, keeping it, and multiplying it.
And that's why I believe, most people struggle financially
because these skills are not taught in school.
They're not taught anywhere.
Maybe on YouTube, you watch some of my videos,
but they're not taught in the education system.
That's the challenge.
What do I spend most of my time doing?
I spend my whole life learning how to make money,
how to keep money, and how to multiply money.
I study it like a subject.
I keep honing, mastering my skillsets in these three areas
and that's why I'm financially successful.
So what should you be doing?
Comment below.
If you want to learn more how to make more money,
that's the first skill that you need to master,
click the link below.
I'm doing a two hour webinar training for free for you
just on the subject on how to make more money.
How do you make more money in your spare time?
Mastering that first money skill.
Then you can keep more money.
Then you can have the money to invest and multiply.