Wouldn't it be great if we never made financial mistakes? I mean, can you
imagine how far you might be ahead if you never made a mistake in the game of
money? I don't know how realistic that is but with the right advice it can help
and today on Limitless TV I'm going to share with you how to avoid the biggest
financial mistake I've ever seen someone make.
Hands down, the biggest money mistakes that I've ever seen got taught to me
when I had a chance to be a fly on the wall on how people did their finances.
This happened when I was a student at Brigham Young University and I had a
full-time job and I was going to school full-time and then this full-time job I
was on the phone doing telemarketing and that was my job, my job was to be selling
something, but it also involved interviewing people and I had a chance
to interview people in their 20's, 30's, 40's, 50's, 60's, 70's, thousands of people and I
started seeing a pattern. I want to share that pattern with you right now that
took me years to accumulate. When we're in our 20's, we're pretty carefree. We
don't have a lot of money, we're busy going to college, seeking greater
education, getting a piece of paper that says we're smart and we're not thinking
about financially getting ahead when we should be. Then in our 30's we're graduated
from college and we're now ready for big career moves and those big careers that
are no longer working at Dairy Queen and McDonald's, we now got a job that's
paying 30 a year, 60,000 year, 100,000 a year and what we do is, we now make one
of the first big mistakes we step into a pile of liabilities: cars, shiny things,
trips, big houses. And we're creating a substantial lifestyle
on the new money that we have because we can buy more, our credit will do more.
In our 40's, we're busy now raising children, starting
families, our lives are hyper busy, I'm focusing on my career. By the time I get
into my 50's, I'm focusing on becoming an empty-nester, I've got children now
leaving the home and all the sudden I start realizing, I've been in the
work force for a few decades and my retirement is not what I need it to be.
So now panic is how I feel financially. By the time I get into my 60's, I start becoming
less employable, you start noticing that even though we're supposed to be
protected and our jobs, that there's a lot of unfair things that happen to
older people that are starting to slow down, make transitions and now panic is
how we're feeling about our finances because our retirement isn't what it
needs to be. We were so busy, we're still paying off the same ding big house
and the shiny cars and we've grown accustomed to them in our lifestyle.
And then we get into our 70's, and by then you've given up and when you give up
financially on your dreams, that's you become the worst.
Crotchety. Crotchety
crusty barnacles because you had hopes and dreams,
you followed society's gameplan, it did not work. You want to know what the
biggest financial mistakes are? I'm about to reveal the number one biggest
mistake that has the chance to determine whether you become a millionaire or
behind the 8-ball, forty years later. So here's the difference between one choice
that can catapult into a million dollars or never getting ahead of the proverbial
8-ball. How do you treat your number one liability? Now think about it for a
second. A car is not the biggest thing you're ever gonna buy, a vacation is not
the biggest thing you're ever gonna buy, a kid might be the most expensive thing
you ever buy, but the number-one liability in our life are the homes that
we live in and you've heard it over and over again on my videos. You either treat
your home like a home or a house a home is something for you to live in, a house
is an investment and you want it to be both. Why? Because your biggest liability
can hurt you. It's your biggest monthly payment. Yeah, you might have a thousand
or a fifteen hundred or two thousand dollar payment. You got to get that
working for you. Now while you're living in it, it'll never truly be an investment
unless you buy it with some equity that you can put to use. For example, you might
be watching this saying, "You know, Chris, I'd love to pay my house off" And you
know what let me show you how to do it faster than a 15-year mortgage and
accelerated mortgage or just throwing extra money at a bad investment, instead
what you do is you extract the equity, enough to put 20% down on another house
and let that property and the one that it buys ultimately produce enough profit
that you can come back and pay off your home. Well, I've seen people use primary
residences that are bought with equity and I've seen them leverage them to make
a million dollars but I've also seen other people that don't know how to
control that number one liability and 30 years later, they refinanced it and
they're still sitting in the same of problem, where it's a
liability that's difficult to control. So, have your number one liability become
your number one asset, that's the secret to getting ahead.
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