More likely than not you've received a lot of advice over the course of your
life you've gotten advice on your education
your career and even your relationships and while some advice is helpful most of
it is not now i'm no different i've received great
advice from very wise people and some suspect advice from some lesser
parties and in this video i want to share with
you the financial advice that changed my life
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life changing content over the course of my life i've been blessed with having
very supportive people around me i grew up with great parents a loving
family and friends and mentors that helped me shape the
success i have achieved up until this point in my life
and each of these groups of people have bestowed upon me their best advice
which of course i took to heart for example my parents always pushed for me
to get the best education possible so that finding a job and having a
reliable stream of income would never be an issue for me
they told me that this investment would help me live a financially prosperous
life and so i listened to my parents and
obtained multiple degrees in diplomas in order to position myself for career
success while this advice did get me a job it
certainly didn't allow me to achieve any
measurable amount of wealth in fact even with more education than my
peers i was making roughly the same amount of money with
double or even triple the investment it was at this point that i began to
wonder whether the advice my parents had given me was right
so for a while i contemplated why my parents would leave me astray
and then it dawned on me that their advice wasn't wrong
it just lacked a greater awareness what i mean by this is that they were not
aware of how wealth is truly built and so they could only offer me advice
based on their own life experiences in fact it was only when i began to
spend time with people who had accumulated significant wealth over
their lifetimes that i truly learned how i could
personally begin to build my own fortune here are the five best
pieces of financial advice from my mentors
number one you're responsible for your financial success
before i get into all the other pieces of advice that have helped shape my own
financial success i want to make it known that holding
yourself and only yourself responsible for your financial prosperity
is the key that unlocks the potential of all other pieces of wisdom
you see so many people blame their financial struggles on others
they say that their parents never taught them how to manage their money or that
they're poor because the government taxes them too much
but neither of these excuses or any other excuses for that matter
will help you achieve true wealth now i too was in this position for a short
time i was resentful towards my parents
because their life path of getting good grades
and securing a job didn't pay off as much as i was led to believe it would
even at my job i was upset that my employer wouldn't pay me more than they
already were but then i realized that my financial
success wasn't their issue it was mine and this realization led me
to educating myself on how i could build new income streams and break out of my
financial rut now for many this is hard advice to
accept it's so easy to place the blame on others but i can promise
that doing so will not lead you to be rich and that the effort you'd need to
put in to achieve true wealth will be worth it in
the end number two self-investment is the best
investment the single best investment you can make
is in yourself warren buffett says it and so of all the
mentors i've been lucky to have in my own life this advice
is especially true when you are younger as you'll get the benefit of education
for longer think of it this way who is going to benefit more financially
the person who becomes a lawyer at age 72
or age 22 i think the answer is obvious and it's not just formal education or
degrees that i'm referring to invest in yourself can mean anything
where you are learning and growing it includes reading taking
online courses getting certifications or even things
like personal development programs you are your best asset the more you can
invest in yourself the more valuable the asset becomes for
instance what if you took an online course on how to build a freelance
business from scratch you could benefit from this knowledge
for decades to come in fact you could learn this exact skill
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description below number 3 take bigger risks one of the biggest
reasons people never accumulate the wealth they desire
is because they are too afraid to take risks in fact chances
are if you're not where you want to be financially then you are playing it
too safe you are too worried about potential losses when you should be
calculating the risk reward trade-off of making more financially powerful
moves and financial risks doesn't just mean investing money in the stock market
while almost half of americans do not invest in the stock market
many more are avoiding lucrative opportunities due to their personal risk
aversion for instance they may be stagnant in
their career because they are too scared to make the move to a new company
or enter a new line of work for others their hesitancy may relate to quitting
their job to take their side hustle full time
either way it's easy to fall into the trap of avoiding risks at
all costs but you have to ask yourself if staying where you are monetarily is a
better fate than taking the leap and progressing forward in your financial
life you don't want to be one of those people
who say when i was younger i wish i would
have done this or seen that take the risks you need to now so that down the
road you can benefit from the rewards these risks can offer
number four find your own balance you hear it all the time the key to
happiness in life is to have balance but what exactly is balance i used to
aim for balance until i realized i was getting mediocre results in
everything i did for instance when i tried to make money online i split my
attention between a handful of different business ideas i
tried to flip books online dropship and even run an instagram
business however none of these ideas panned out
because i never mastered any of these domains since i was trying
to manage all three this is why balance as most people think
of it is a choke and it will cost you dearly instead
commit all of your time attention and energy to
one project or goal make significant process and then shift
to another project or goal for instance when i started my youtube
channel after having failed in all my other online ventures i promised
myself that it would be the only platform i would focus on for the next
year well one year has turned into three and now i am making an appreciable
amount of money from this platform but it's because i
didn't try to find balance and went all in i only bought courses paid for
consulting and produced content around youtube
which allowed me to gain enough knowledge to grow this channel to the
size it is today sure this meant that at
times i had to neglect other aspects of my life but i was okay
with this because i knew it was temporary
in fact i went through the same experience when i was studying for my
cpa exam i took off two months during the summer
to study for my exam in september and would routinely have to turn down
parties and other social outings unfortunately this is the price of
success and if your family and friends truly care about you
and your well-being then they will understand therefore
avoid the common advice that your life has to be perfectly balanced
how you allocate your time should be directly related to the goals you want
to achieve if this means building an online
business then you may have to focus less on school
family or friends if your goal is strengthening your relationship with
your family and friends then having a lifestyle that allows for
the quality time the school will take is key to your success number five
keep your expenses low when it comes to financial advice
i always advise that you keep your expenses low
i know that buying a new car or phone is exciting
but i truly believe that keeping your day-to-day costs as low as possible has
great value the reason is that keeping your expenses low provides you
with one of the most valuable things on earth
freedom you see many people allow themselves to fall
victim to lifestyle creep where they begin to spend more
as their income rises they justify to themselves that they have been working
hard and deserve to spend their newly increased income
but this mentality leaves them in the same and sometimes even
worse financial situation than before they ever came into more money
and as soon as you start taking on more commitments like a new car
lease or an inflated mortgage you begin to restrict
your ability to be free and this is very important
for instance if you are living paycheck to paycheck and are hit with a major
house repair you may have to go into debt to cover
the cost which can lead to an ongoing debt spiral and thousands of
dollars in interest fees alternatively if you are no longer
loving your job but have too many financial commitments to cover every
month you may be restricted in changing roles
even though doing so would make you infinitely more happy now
avoiding financial commitments isn't totally avoidable
but taking on as many month-to-month expenses over long-term commitments is
advisable also spending well below your means
allows you the ability to save money that can grant you this leeway
if you decide to make a major life change especially if you're young there
will be plenty of time to be saddled with responsibilities
but when you are young you want flexibility
do this effectively and you'll have much nicer cars houses and less financial
stress in the future thanks for watching if you
want to go from the life you have to the life you deserve
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