The average millionaire goes bankrupt 3.5 times before making it to the top.
That’s a powerful statement because it’s clear evidence that almost no one makes it
from the first try.
It’s abs olutely normal to try, fail, try again, fail.
What matters at the end of the day is extracting the lessons after each failure to be able
to avoid previous mistakes.
Sometimes people make it from the second time and sometimes it takes 10 failures to do that.
Sometimes you get really lucky and your idea hits right where it should such as Facebook,
Snapchat, or Airbnb.
If you ask the founders of any of these apps, none of them will tell you that they have
expected such a success.
The problem with success is that, when you start succeeding, you will attract a lot of
attention, and people will suddenly would want to work with you, and be your friend,
which will create a snowball effect that will eventually lead to more success.
That’s why successful people usually get low mortgage rates, and better deals even
though they don't really need them.
However, the absolute opposite is also true, when you have nothing, it seems impossible
to start building wealth.
Imagine having literally 0 dollars in your bank account, what would you do?
If you are watching this video, you probably have some money?
But still, let's try to find out how to start building wealth if you have no money left?
What exactly can you do if you are sitting in an empty bank account?
Do you really stand a chance to get out of that dark financial position?
We will answer all of these questions and many more, but before we do that, give this
video a thumbs up, and here is a little disclaimer, this is not financial advice and everything
that's said in this video is for educational and entertainment purposes.
If you just went through bankruptcy or you are just starting your financial journey.
Forget about long-term investments that we usually talk about here on the channel.
Yes, of course investing even 5 dollars a day will make a huge difference in the long
run, however, that’s not your priority yet.
Focusing on how you will be making millions of dollars 30 years from now while you are
barely surviving is a waste of time.
Of course, you should always keep a long-term vision in your mind however what matters at
the end of the day is the foreseeable future.
What you can accomplish in the next 6 to 12 months.
Long-term investments only make sense when you have extra money, where you already have
a stable stream of income, then only you can focus on building a long-term portfolio.
In that case, even a few hundred dollars a month over the long term will actually make
a real difference.
But people usually come up with an excuse that you need money to make money.
That’s absolutely true.
It’s way easier to make money when you already have money.
It could be any form of investment from purchasing a functioning business to real estate to stocks.
But that doesn't mean that you can’t be making money trading your time.
If you don’t have many skills, it’s really difficult to get any decent income and that’s
where the challenge starts.
At this stage, you should only focus on developing high-income skills.
Focus only on one skill, on a skill that’s both in demand and has some barriers to entry.
If you have just graduated from accounting school, for example, don’t go straight away
and become an auditor because every other accountant is an auditor.
Try something that’s not popular, that's a bit more difficult like taxation.
People hate taxation because of its complexity, but that’s exactly what’s going to distinguish
you from the rest.
In fact, private tax consultants are some of the highest-paid professionals since rich
people always look for loopholes to avoid taxes and if you can help them save a few
hundred million dollars, they will not hesitate to come to you even if you charge a thousand
dollars an hour.
The same applies to any other profession, be it designing, marketing, health and fitness,
whatever.
The problem that I usually see in people is that they develop a skill, they reach an average
level, where they are as good as their peers and then stop growing.
They are making money but again, as much as their peers - that’s why never hesitate
to invest in yourself to pomp your skills.
At some point, you just can't keep self-educating yourself, you need someone who can share his
or her experience in that particular field.
When I got into the stock market, the world of investing was something entirely new to
me.
Of course, I thought that I can self-educate myself, but then I found out that a single
course from an experienced professional is far more valuable than any endless hours trying
to figure it out on my own.
As they say, if someone has already invented the wheel, go and learn from him instead of
trying to reinvent the wheel.
Sometimes all it takes is one conversation with the right person to figure everything
out, that’s what makes networking events so important.
Go to conferences, meet new people, talk to them.
People actually enjoy sharing their knowledge, it gives them a sense of fulfillment, as long
as you are humble and polite.
But at the end of the day, what matters the most is your discipline.
Nothing beats discipline.
yes, it’s hard, and boring to a certain extent, but time after time, it has proven
to be a working strategy.
The mistake that a lot of people do when they want to get disciplined after they had a motivational
moment is that they get in and try everything at once.
It's great when you are so motivated, but I have seen that fail every single time because
at the end of the day, you will get exhausted and a few days down the road, you are back
to where you started.
So if the goal is to master a certain skill, let your goal be just learning 30 minutes
a day, that’s it.
What matters here is that, don’t skip a single day, once you incorporate that into
your lifestyle, make it to an hour, and so on and so forth.
Let the strategy be simple and clear, make money, save money and invest money.
How you invest it will change over time as you grow financially or even personally.
At the beginning of your journey, it will most likely be investing in yourself, but
as your income grows, you will have the opportunity to buy assets that will also be turned into
a stream of income.
While you are on your journey to financial freedom, don’t forget to continuously improve
your credit score.
People usually don’t care about their credit scores until the day comes and they need to
borrow money but they can’t since they have been ignoring their credit score all along.
It’s really difficult to build everything on your own.
Sometimes it takes an entire lifetime to build a big enough capital to start something of
your own, that’s why leverage is your best friend.
But no one is going to lend you money and there is nothing that proves that you are
financially responsible.
It doesn’t matter how good you are with money.
If you can’t prove that, no one is going to believe you.
So as long as you can get a credit card, get one.
If you are bad with money, use a credit card to pay for your necessities and simply pay
them back at the end of the week or month.
That’s how you are going to let the banks know that it’s safe to lend you money.
So when mortgage rates are low, you can jump in and buy a house with favorable terms.
When you find a working business model, the banks will finance your operations and so
on.
Remember, when you are broke, no one wants to work with you.
If you are not going to focus on building the foundations first, the rest ain’t going
to work.
If you want to learn how the stock market works, you can check out my course on skillshare.
It’s simple, straightforward, and fully animated.
If you use the link in the description, you can get 2 weeks of skillshare premium and
get the course for free.
Thanks for watching and see you in the next one.