Can you imagine spending a million dollars but it had to be done in 24
hours? Today, we're going to talk about this based on a super popular viral YouTube
video where someone had to spend a million dollars in a day or they were
going to lose it. How would you spend it?
I love Mr. Beast. I think his channel is so dope. It's
genius. Basically in one of his recent videos, he created a challenge that said,
"Hey, the last person to leave this area is actually going to get a million
dollars." This kid takes all of the money that he gets from YouTube and he
reinvests it into his channel and giveaways and cool challenges. I really
enjoy watching his channel. Recently though, he had a challenge that said,
"You've got just 24 hours to spend a million dollars." And you only get it if
you can spend it. And so, I was actually watching the video with curiosity and I
watched how the money was spent. I thought, "Man, there's some really dumb
stuff going down in the world today." And what I want to do today is I want to
share with you 2 scenarios of how you could spend 1 million dollars in one day.
And then I'm gonna have you be
the judge of which one is best. So, we're going to play
a game. By the way, you never know when you come into a million dollars because
I can teach you how to come into a million dollars. You might not win it by
playing a game or be on a game show. The reality is million dollars is not
what it used to be. $45,000 at the turn of the century was
worth a million dollar city. In 1980, $342,00
dollars was equivalent to a million. Million dollars is not what it used to
be. In fact, I remember when I became a millionaire that my first time it meant
that I had a 6-figure residual income. And I thought that was so cool. But today,
I just want to continue multiplying my talents. I want to continue growing my
wealth because the more money I have, the more options. That's all money is. More
options. And the more options I have the more choices. More choices, more cool
things I can do with my life and more people I can help. More of a difference
that I can make. So, I'm going to give you 2 scenarios today. First of all,
scenario A, what would you do if you had to spend a million dollars in a day and
it looked like this? Number 1, a lot of people are like, "Hey, I don't want to buy
a house outright free and clear." So, let's just say for a moment that you actually
buy a $400,000 house. Certainly nice, right? Above average. And then you're
thinking to yourself, "You know what this house needs? This house needs
$100,000 of furniture." So, you're halfway to your goal. You've spent
already almost half of that million dollars. And then you're thinking, "You
know what? This car came with a garage. I'm going to take $100,000..."
Wait, that's one zero too many there. Haha! I'm going to
put $100,000. And I'm going to put it into a really fancy car. And then you're
thinking to yourself, "Shoot! I'm at 600,000; it's 5:00 P-M, what do
I do next? Well, you know what? I'm going to give $50,000 to my favorite charity? And
then guess what? I've got $350,000 left over.
Guess what you need to do with that money? You got to pay Uncle Sam. So,
I'm just going to call that the big man's tax. Boom! We spent a million dollars. And
what you got out of it was a house furnished and a car. And you got some
feel good feel ease from like giving some money to charity, right? This is how
most people if they had a million dollars to spend in 24 hours. This is
what they would do with it. And by the way, you know what the problem
with this is? I'm going to see if you can figure it out.
I'm going to give you a different scenario though. This one is wildly different.
Watching the rest of this video is really important because at the end, I'm
going to give you a tool they can actually help you make the most intelligent
financial decisions even before you have that million bucks, even before you have
$100,000. In fact, how do you get a million dollars if you don't have it
today? I'm going to show that. But first, here is your second scenario. Instead, what
would happen if you bought 8 investment properties free and clear?
That means paid off. These are roughly 110-
120-thousand dollar homes in a market where you're averaging
a ten percent cash on cash. Here's what cash on cash means. If I put 1 million
dollars into the marketplace and they are growing... First of all if my cash on
cash is 10% then what's 10% of a million? This my friends is
$100,000 a year. Or in other words, $8,000 a month. But
in addition to the 10%, you're also growing your properties... Let's just
say by an additional, 5% of annual growth. So, that means that your
million dollars this next year becomes worth a million
fifty thousand. And the year after, it becomes 1.1 million. And the year after becomes
1.15 and then it compounds. And then that number expands. This is
scenario B. Now, for some of you that are like, "Kris, you just gave me a
bunch of numbers." All I did was buy 8 paid off properties and based on the
cash flow, I'm making $100,000 a year. So, for a moment, I could
either write you a million-dollar check today and you could consume it on
consumables and that money would be gone. Or you could take that money and you
could invest it and you could have $100,000 growing at 5%
every single year, year over year for the rest of your life even beyond
death. Which would you prefer? Now, honestly, you can make whatever choice
you want. But for me, the choice is like incredibly clear. There's no way I'm just
going to blow it on stuff that frankly the house might go up in value but it
costs me money. Every dollar here is producing asset for me. Every dollar here
is actually making me money. And I would rather have $100,000
because guess what I can do with $8,000 a month? I could say, "Hey,...." This is
the wild part. Are you ready for this? "I want to buy a $400,000
house and I want to have a mortgage." That mortgage is going to cost you right around
$2,000 a month. Here's the wild part. Just check this out.
I want to furnish it. And I'm going to actually do it on loan. And those
furnishings are now going to cost me let's just say two thousand dollars a
month until paid off. And then the car, the last item. That car is going to cost
you (let's just call it a payment of) $1,000 a month. Well, guess what? For
$5,000 a month, you still get the lifestyle. But in addition to the
lifestyle, you've got an additional $5,000 left over every single
month. Right? So, it's not about owning things outright free and clear. It's
about control and access. In this scenario, I get to have the other life
but I have also $60,000 a year left over which means, if you were
making 60 grand a year, you could quit your job. Literally have all the nice
stuff and not to work. Does that make sense? Now, if you
really want to learn how I do this for real, I've got a free copy of my book
waiting for you. I just ask that you cover the shipping on it. My team is
going to send that out to you. Technically it's my daughter. She'll drop that in the
mail for you. And you can actually read on exactly how you can make all of this
a pure reality. I started with nothing. And in 4 and a half years, got 25
homes producing a 6-figure residual income. And you could do the
same. My friend, that was starting with no money. That was starting with nothing. So,
click below. Get a free copy of the book. It also comes with a free game plan. Talk
with a member of my team and they'll actually show you from where you're at
to how you actually make this a reality. Other than that my friends, I've got
another video teed up here. It's how I retired at the age of 26. It's
recommended right over here. Check it out. Make sure you are a subscriber and smash
that like button if you enjoyed today's video.
It tells YouTube to share it with more people. And that's a give back to me. So,
my friends, I look forward to seeing you on tomorrow's video.