60% of millennials earning over $100,000 say they're living paycheck to paycheck.
How do you make that much money and still live paycheck to paycheck?
To be honest, that's not surprising. It's far easier to spend 100K than to earn, especially
with the high inflation we have now. $100K doesn't seem like a fortune, and it's not,
but for most people earning their first 100K is a far-fetched dream, leave alone saving
$100K. $100K in the bank would give you the confidence
not to worry when bill collectors knock on the door. These are two different things.
But the reality is that $100K isn't really a lot. With some persistence and dedication,
and access to the internet, it's a practical goal that's within most people's abilities.
When I was in college, the idea of making 100 grand was something unimaginable. I was
glad if I could just pay my bills which were barely the minimum wage but back then, they
seemed like a fortune. Of course, I knew that it was possible, but I couldn't connect the
dots between where I was back then (poor) and how to get to where I wanted. Even when
I got into real estate, it seemed like I needed to do the impossible to make that much.
However, the truth is that it's far easier than most people believe. As long as you are
on the right path, as long as you are dedicated, it's a matter of time before you get there.
So, here are the 7 rules that you need to follow to go from $0 to $100K.
Give this video a thumbs up, and let's start with the first one.
"There are
decades where nothing happens, and there are weeks where decades happen" - Lenin.
These are some of the wisest words I have ever heard. Since the housing crash of 2008,
nothing really world-changing has happened, but 2022 is literally reshaping the world.
Tech stocks crashed, crypto collapsed, the world is on the brink of hunger, the US global
dominance is challenged by the invasion of Ukraine, the world is worried that China will
attack Taiwan, supply chains are disrupted across the globe, inflation is skyrocketing,
oil prices are higher than ever, and we are still not yet out of the global pandemic.
By the end of the year, we might be living in a completely different world. What matters
most is that when such huge changes take place, the wealth changes hands, and the challenge
is to take advantage out of this wealth transition. Just take a look at how many crypto coins
are going bankrupt. It's the best time to get into crypto since the storm is getting
rid of your competitors.
When everything is stable, starting a business is easier, but it's easier for everyone. That's
why you face such a huge competition. That's why crises are the perfect opportunity because
they create chaos, and the world changes in a glimpse of an eye, especially when the status
quo changes.
2. "He will win who knows when to fight and when not to fight." - San Tzu
When motivation hits, you want to do everything. Start a business, start investing, trading,
and build connections. The only problem is that your resources are limited. If you don't
know how to pick your fights, whatever you do, you will fail. Especially if you are at
the beginning of your financial journey. Pick your fights carefully. Pick one thing
that you are more or less confident about and don't get distracted by anyone or anything,
even other opportunities that are more attractive.
Sometimes you need to swallow your ego to avoid getting distracted or giving up something
to stay focused. It's part of the journey to pick the right challenges at the right
time. The moment you try to become the jack of all trades, you become a master of none.
3. "I know of nothing more despicable and pathetic than a man who devotes all the hours
of the waking day to the making of money for money's sake." - Rockefeller
Money is a great motivation, but the motivation disappears when you have enough of it. It
might not look like that now if you are not making enough, but the moment you cross a
line where you can live comfortably and save over 50 percent of your income, your motivation
will begin to dwindle. And besides, the chase behind money is pointless since it's infinite.
So the goal should be to build something that would benefit people. It would make your goal
meaningful. It will give you a stronger reason to wake up in the morning. On top of this,
the more people it's going to help, the more people will pay for it the more money you
are going to money. It's a cycle that's not just going to help you make your first 100K
but rather go beyond. So, stop focusing on making $100K but rather focus on how you can
bring value to the table. The money is going to follow.
4. Don't be afraid to give up the good to go for the great. Rockefeller
Here is why most people don't get rich. They graduate and keep looking for a job. They
find a comfortable job where they are given everything they need for a comfortable life.
In the beginning, they believe it's temporary, but then they get into a comfort zone where
they will get afraid to take risks because they are afraid to lose what they already
have. But the problem is that sometimes you have
to give what you have to get what's better. That doesn't mean you should quit your job
and start that business, but don't get too comfortable, don't be afraid to give up the
comfortable life. You have to take some risks to move forward.
5. don't let your preconceptions dictate your decisions.
When you are a little kid, your mentality is shaped by your parents and school. As you
grow up and become an adult, your friends start reshaping your mentality. So most of
your ideas and beliefs do not necessarily reflect reality, even though they might sound
logical. If you have grown up in a poor family where your parents kept telling you that getting
good grades and claiming the career hierarchy is the only way out of poverty, that doesn't
mean it's a fact. Look at everything with a fresh perspective.
If you can talk to people who have achieved what you are aiming for, that will really
open your mind. As Steve Jobs once said: "Everything around you that you call life was made up
by people that were no smarter than you, and you can change it, you can influence it, you
can build your own things that other people can use."
6." Compare yourself to who you were yesterday, not to who someone else is today." - Peterson
As kids, our parents compare us to our peers. Look! Your classmates get better your grades.
Your neighbor doesn't waste time playing video games. We grow up constantly watching how
we get compared to everyone around us. No matter how much we improve, we look around
and find someone who is better than us. What we realize too late in life is that there
will always be someone who is better than you. Just take a look at the Forbes billionaires
list that's always changing. Just recently, Bezos was leading the list, and now that title
is held by Elon Musk, but Elon musks tweets that Putin is significantly richer than him.
However, Putin can't even leave Russia no matter how rich he is, so does that really
counts as real wealth.
That's an extreme example, but you get the point. Never compare yourself to others. The
only person you can compare yourself to is to whom you were yesterday. Did you hit the
gym today? Good for you! You are slightly better than who you were yesterday. Did you
read an interesting book? You are slightly wiser today. That's the only way you grow,
and that includes financially as well, because by comparing yourself to who you were yesterday,
you won't lose the motivation to keep moving forward.
7. the greatest danger you face is your mind growing soft and your eye-getting dull."
Greene
If there is one piece of advice you will take out of this video, then let it be this one.
The path to 100K seems difficult, but with enough effort and dedication, anyone can do
it. The real danger is to keep moving forward once you reach that goal or make enough to
pay all the bills. Your discipline will slowly vanish, your work ethic will grow soft, and
your spending will slowly rise. Your growth will stagnate while your spending will keep
growing, which will bring you to the point where you will again start living paycheck
to paycheck. So the challenge is to keep yourself disciplined even after you have achieved your
financial goals.