Jeff Bezos has topped Forbes’ billionaire’s list for the past four years. He was seen
as the first person who could potentially become a trillionaire, but now we have a new
king in town! He is none other than Elon Musk. His net worth is estimated to be anywhere
between 220 billion dollars to 300 billion dollars. Depends on how are you counting and
most importantly when?! This guy is so influential that when the world
realized that he has purchased a 9.2 percent stake in Twitter, Twitter shares spiked by
almost 30 percent even though it's peanuts for him.
Twitter stock has been somehow struggling lately. Unlike its counterpart Facebook which
has been building almost a monopoly in the industry, Twitter was growing gradually without
acquiring any major players. Twitter’s valuation is a fraction of Meta’s.
But I guess that’s going to change in the coming future since wants to buy the entire
twtiter. He holds significantly more shares on Twitter than Jack Dorsey - the cofounder.
I guess at this point, no matter what Musk tweets, they won't be able to ban him since
he is the single biggest shareholder of Twitter. And now since he is pushing the idea of turning
Tesla into a robotic company, Tesla’s valuation could spike again. I guess when SpaceX will
successfully complete a mission to Mars, SpaceX will go public raising Musk’s net worth
to a trillion dollars. Seems like it was his plan all along. He is probably the most influential
person on the planet. He can instantly single-handedly influence the price of bitcoin, destroy or
raise any stock, or be taken seriously when he challenges Putin to single combat over
Ukraine. But how do you become as wealthy as Elon Musk?
how do you make 300 billion dollars? I guess the answer is simple and straightforward!
I don't know! You were probably expecting a different answer,
but if there is a way or a clear guide on how to build a 300 billion dollar empire,
we would have had much more billionaires than we do now.
But most people would be satisfied if they could at least get out of the paycheck to
paycheck lifestyle. The Internet is filled with financial tips and suggestions that you
can take to escape the rat race but all of these suggestions are secondary. There is
no way you can achieve financial independence without developing this one habit that we
are going to explore in this video. If you will be able to integrate this habit into
your life, then you will certainly do better financially.
Give this video a thumbs up and let's dive in.
Have you ever felt at the end of the week how fast the week has passed? Or how about
this, however, you ever asked yourself at the end of the year, how on earth did this
year pass so fast? Of course, you did, it happened to all of
us. In fact, you probably ask that question every year. Have you realized that more than
2 years have passed since the beginning of the pandemic? Remember how the world was freaking
out because of the pandemic and everyone was passionately waiting for 2020 to end as soon
as possible. However, 2022 proved to be even more catastrophic.
The reason you feel that time flies so fast is because you spend it unconsciously. The
moment you start paying attention to it, it slows so down that a minute feels like a year.
Remember back in school, we all had that one boring teacher whose classes were so boring
that you would look at the time every 5 seconds hoping for the class to end as soon as possible.
But a minute of that class would feel like an hour.
The same applies to spending money. Most people spend their paychecks unconsciously, the same
way they spend their time. That’s why a few weeks down the road, they start wondering
where did all of that money go to? How did they spend it?
That’s why the first step to financial independence is to always be conscious about your spending!
It doesn't really matter how much money you make, if you are not conscious of your spending,
you will find your bank account empty at the end of the month. There will always be a reason
to spend money, exactly like there is always something to waste your time on, like scrolling
on social media. That’s why developing a habit of conscious
spending is the most important habit you should focus on. But here is the catch, what happens
usually is that people ignore little spending and often focus on the big ones believing
that a penny here or there would not make a difference which is a misconception.
When you check your social media, you don’t spend hours, a few minutes maybe, or 10 minutes
at best. But at the end of the day, those few minutes turn into a few hours.
How about at the end of the week or a month? People on average spend 147 minutes a day
on social media which translates to 73.5 hours a month.
So it doesn’t really how little are you spending. Make it a habit of asking yourself
a simple question before spending any money: Do I really need that? Do I have to spend
this money? can I solve this problem without spending this money?
What happens often is that you will find yourself in a position where you don't have to spend
money. I had a habit of buying useless clothes. I mean every time I would see a t-shirt with
something cool written on it, I would buy it, but then I would wear it once and that’s
it. Take a look at your wardrobe. You probably wear like 20 percent of your clothes at the
best. The rest are just there. why did you buy them?
If you would have been conscious of your spending, you probably would have asked yourself - do
I really need to buy this shirt or pants that I would never wear?
That's why most people don’t invest, not because they don’t have the money but because
they are unconsciously spending most of their money on unnecessary things.
It might seem difficult to be conscious about your spending, but remember, humans are creatures
of habits. Whatever it is, do it for 3 weeks, and boom!
It will turn into a habit. Waking up at 5 am every morning seems super difficult, but
do it for 21 days in a row and it will become as easy as waking up at 10 am. Your brain
will automatically think if you have to spend money on that or not.
To make it easier, make sure you always have a budget. It’s really difficult to control
your spending when you don’t have exact numbers in hand. I know it’s exhausting
to always have a budget but let me tell you a secret, there is no other way to financial
freedom without budgeting. Just go and ask any millionaire, he or she
will tell you that they budget all the time, even though they earn millions of dollars.
So if you are on a tight paycheck, you should budget every penny.
It's not really as difficult as might seem. You are not going to go on an adventure every
single day, especially if you have a stable job, which means you can easily predict your
spending. Some bills never change such as rent or internet, they are fixed. So focus
on your spending that changes. If you enjoy getting a cup of coffee every morning from
Starbucks before getting to work, no problem. But make sure you don’t exceed it. The real
challenge is when you go on a vacation or hang out with friends, that’s when the real
money-draining starts. I know that it’s frustrating to constantly
count every penny, but if you do not you will forever struggle financially.
So focus on maximizing your income to be able to raise the bar higher and higher and be
comfortable spending much more while not being worried.
By the way, apply the same strategy to your time and suddenly you will have the time to
get a side hustle, build a business or even constantly improve yourself if you are trapped
in a 9-5 job. Thanks for watching and see you in the next
one.