- What's going on everybody?
My name is Jeff Rose.
I'm a Certified Financial Planner and welcome to my channel
where I help people achieve financial freedom
through accelerated wealth-building strategies.
And today we're talking about setting goals
and, yes, I am a certified goal getter.
I am all about setting goals, reviewing those goals,
and most importantly, achieving those goals,
but I wasn't always like this.
Now, there was a time
where I would do my New Year's Resolutions,
I might do annual goals and review those next year.
I wasn't all about reviewing my goals like every single day,
it just wasn't something that I felt was necessary,
but it wasn't until I joined a business coaching program
where they really emphasized the importance
of setting these goals
and reviewing these goals more than once a year.
Now, it's no surprise that most rich people
are reviewing their goals and making goals.
In fact, author Thomas Corley,
who wrote the book Rich Habits,
now, he studied millionaires from all across the world
and a commonality that he found was 62% of all rich people,
not just set goals, but they review them every single day.
They have their goals right in front of them,
so they know exactly what they need to focus on.
When's the last time you reviewed your goals?
If it wasn't today or yesterday, then, chances are,
you're not on that path to achieving financial freedom
and building wealth.
And I understand how overwhelming it can be
to believe that you can truly achieve wealth,
that you can become rich.
We have been programed by society and our friends
and family members that we are a product of our environment.
We are stuck where we are right now
and I wanna challenge you that you aren't.
You aren't stuck.
You don't have to be poor the rest of your life.
You can achieve wealth.
You can achieve financial freedom,
but it all starts with setting goals
and working towards achieving them.
Now, for those that need that
kick-off checklist to get started,
what I wanna share today are
what are the top 10 financial goals
that you can start working on today?
So we're gonna find out what those are right now.
(upbeat theme music)
All right, the first wealth-building goal
you wanna work towards is having plenty of cash on-hand.
Now, we're not talking tens of thousands of cash,
like, we just want to work towards $1,000,
but sadly, it's reported that only 39% of all Americans
have $1,000 in their emergency fund
or can only can up with $1,000, only 39%!
The rest would either have to borrow it
from family or friends or use their credit card,
they didn't have enough to cover that cash,
but you want to build cash savings.
Why? Because cash is king.
Cash will help you out with emergencies.
Cash will give you the freedom if you lose your job,
if you want to change jobs, if something happens
that you need cash, you want to have cash.
Now, if you're watching this and you're saying to yourself
"Jeff, yeah, I get it.
"I need to have cash, but where am I going to get cash?"
I wanna give you two quick solutions: One, sell your crap.
What do you have in your house,
what do you have in your apartment that you do not need?
What do you have that you can sell on eBay,
at a yard sale, on a Facebook page?
To generate that cash that you need.
The second thing is you wanna cut out the crap.
What are you paying for that you do not need?
Is it your cell phone bill?
Is it Netflix?
Yes, I went there.
Is it your internet bill?
Is it your cell phone that you just
really don't need the premium package
when you can go out and get a prepaid cell phone.
Whatever that is, cut out the crap to get to that point
where you can boost your savings to $1,000.
Now, if you check out the book
Total Money Makeover by Dave Ramsey,
that is one of his baby steps,
is achieving that $1,000 emergency fund
and he challenged people with that
because most people don't have that $1,000,
so that gives you a number to shoot for
and it is an achievable number.
It can happen, if you listen to some of the advice
of selling some of your crap and cutting out the crap.
All right, the second wealth-building goal is
having a debt reality check
and also having a debt payoff plan.
Now, I know that becoming debt-free
seems like an alternate universe for many of you.
You're probably thinking "I will never pay off my mortgage.
"I will never pay off my student loans.
"I can never pay off all my credit card debt."
If you believe that, then that is true.
You won't achieve that, you won't become debt-free
because you've already told yourself,
but let's get realistic.
What is a reasonable payoff strategy
that you can get rid of all your debts?
So you need to have a debt reality check
to find out exactly how much debt do you have?
What is the interest rate that you're paying on that debt?
What can you pay off in the next
three months, Six months, 12 months?
And be real with yourself, what can you really accomplish?
But before you begin that debt payoff plan,
you gotta go back to that spending.
You have to keep your spending in check.
If you can't pay cash with whatever you want to buy,
you can't afford it.
Let me say that one more time.
If you can't pay cash, you can't afford it.
That is the only way that you're gonna become debt-free.
All right, number three is planning an early retirement.
Yes, you want to plan an early exit strategy
from your career that allows you to live your life
the way that you want it in a much sooner fashion.
Now, this is funny to me because earlier in my career,
I remember telling myself
I want to be able to retire at the age of 50,
it was this goal that, I don't even know
what inspired me to want that goal,
but I just told myself I want to retire at 50.
So, then I just reverse-engineered
what would that look like?
What would I need to start saving today
to achieve that goal of retiring at 50
and that's how all goals work.
So, planning an early retirement.
So first you gotta figure out when do you want to retire?
How much do you think you need at retirement?
And then, being in your 20s and 30s,
you have the beauty of compound interest
to take advantage of investing
for yourself right now to have that money grow for you.
So, to achieve this early retirement,
some things you have to do is
you have to start investing into your 401k,
you have to start investing into a Roth IRA
and take advantage of some of that tax-free growth
that you get inside the Roth.
So what are some of the action items that you have to start
if you want to plan an early retirement?
Well you have to start investing,
I mean there's no way around it,
you have to start investing.
So we're gonna start investing into our 401k
to get advantage of the free match that most 401ks offer.
We're gonna start investing into a Roth IRA
to take advantage of that tax-free growth that you get.
If you want more about the Roth IRA
or more information about the Roth IRA,
you can check out my Roth IRA millionaire video.
The Roth IRA is one of the greatest tools
that a young person can take advantage of,
especially if you're wanting to plan
for an early retirement.
I would also challenge you
to invest outside of the stock market,
you're gonna have to look at
different alternative strategies.
This could be investing in peer-to-peer lending,
it could be into real estate,
it could be into crowd-funding real estate, like Fundrise,
which I've done videos on all of these.
You can check out my Lending Club video
or my Fundrise video,
but investing outside of the stock market
is another way that you're going to achieve wealth
and most rich people don't have all their money
tied up in the stock market anyway,
so that's why you want to start exploring other options
that are outside the stock market.
All right, number four is you want to seek out mentors
that can help you achieve your wealth-building goals.
Whatever the lifestyle that you want to achieve,
who do you know that is close in your life
that you have a direct relationship with
or you can have a direct relationship with,
that has a certain level of financial success
that you would like to emulate?
Somebody that you look up to,
that has done the right things,
that seems to make all the right decisions.
Imagine how much you can learn from them,
from their experiences, from their wins,
from their failures, from their struggles.
You can learn so much from them, so start seeking those out,
if you're not sure how to find a mentor,
you can watch a previous video
where I talked about how I found my mentor
and give you some tips on how you can find a mentor
to help you achieve what you want
and what your desired results are.
All right, number five is getting your insurance in check,
making sure you have the proper insurance
to protect you from financial catastrophes.
Now, this is one of the most boring topics
that everybody wants to skip over
because who wants to talk about insurance?
But the reality is that every single wealthy person
that you run into is going to have the proper coverage
whether that be life insurance, auto insurance,
home owners insurance, personal liability insurance,
worker's comp insurance, if you're a business owner.
I don't even know how many different types
of insurance I have, but I know that I have a lot
because of protection.
To make sure that my family is taken care of.
Now, if you're watching this and you don't have kids yet,
life insurance is probably something
that you don't need yet,
but whenever kids are on the horizon,
or whenever you get married, then that is when you want
to start looking at life insurance.
It's something that you don't want to avoid
or ignore, especially if you have loved ones
that are dependent on you.
Now one type of insurance that is often overlooked
is income insurance and no,
I'm not talking about term life insurance.
I'm talking about one that is often not talked about
or dismissed because it just seems like it's a lot of work
and not a lot of people know how to achieve this,
but what I'm talking about
is building in multiple streams of income.
Now, in our previous video,
I talked about my multiple streams of income
and what that has allowed me to do
on so many different levels,
but this is something that I didn't accomplish overnight.
This is not something that I just flipped the switch
and all of a sudden, bam, I got multiple streams of income.
We're talking investing a lot of time,
a lot of work into resources, into book,
into relationships, into mentors,
to finally build a business that allows
for these multiple streams of income to come in.
Now, one of my books that I talk about a lot
is Rich Dad, Poor Dad, by Robert Kiyosaki.
by far the most influential book in my life
and not because it gave me all these clear-cut strategies
to implement multiple streams of income,
but it gave me the hope and, just the idea, the concept
that multiple streams of income was a possibility.
So, if you haven't checked that book out, please do.
It will at least give you a mindset shift
to let you know that it can be accomplished.
One of my favorite quotes by Warren Buffet,
when he talks about building multiple streams of income
and wealth-building, Warren says,
"If you don't find a way to make money while you sleep,
"then you will work until the day you die."
I mean, you can't really screw around
what Warren's message is there.
Is finding a way to earn extra money on the side,
making money while you're asleep.
Yes, this can be done through the stock market,
through dividends and capital gains,
but most wealthy people have some sort of extra income
that they are getting, typically while they're sleeping
or while they're working on other projects
or while they're spending time with their family.
Now, these don't happen overnight.
It takes a lot of work and a lot of hustle
to get to that point, but the fact of the matter is
that you don't build it unless you start
and if you actually check out another video
where I talked about the number one wealth-building strategy
that people don't implement,
we're talking about having that side hustle.
What is something that you can work on the side
after you get home from your 9-5, on the weekends,
that allows you to get out of the rat-race
and to start working on other projects
that give you life, give you excitement,
to pay off that debt, to build off that emergency fund,
and start investing for the future.
And that's why I put a lot of emphasis
in building this multiple income stream strategy.
Now, there are a lot of things that I tried
that didn't work, I went the multi-level-marketing route.
I dabbled in real estate, but it wasn't until blogging
and online courses
and really just understanding online business
where I saw these multiple income streams start coming in.
If you haven't watched these yet,
there's a few videos you're gonna want to check out.
The first video is How to make the first $1,000 blogging
or how you can make your first $1,000 blogging.
So, I talk about my strategy
and the processes I went to make that happen.
I also have several videos
on how to make money selling online courses.
Now, these are just a fraction
of all the different opportunities that exist.
You have real estate, you have retail arbitrage
through Amazon or eBay.
You have Amazon FBA, you have coaching,
I mean, there are just so many different ways
that you can start building a secondary income stream,
but the fact is, you have to start.
It's not going to grow on it's own,
passive income doesn't exist
unless you're willing to put in the work to make it happen.
All right, number seven is finding content
with what you have and be willing to live off less.
Now, it's funny that here I am in a million-dollar home
and I have all this cash in the bank
and you would think that I would just go on a spending spree
and just buy anything and everything that I want,
but I have to reflect back
on what got me to where I am today,
what allowed me to reach this level
of financial independence and financial freedom
and the reason is because I learned
what being content was early on.
There's a reason why I drove a 1998 Chevy Lumina
out of college, there was a reason
why I was still living in a house with with my girlfriend,
now wife, and my three buddies,
why I was still living on a college budget.
There was a reason why I just didn't
buy $20 t-shirts when I had the money to do it
because I knew that every money
that I didn't spend on stupid things,
I could either save that or invest that
into something that was going to make me
that much more return.
So even to this day, I have learned to live off less
and be content with the things I have.
Now, does that mean that I don't splurge
and buy things that I enjoy?
Yeah, I splurge, you can watch other videos
where I talk about all the Nike shoes that I own,
all the tech gadgets that I have,
I mean, I live in a million-dollar home,
but that wasn't anything that I just did overnight,
I took essential steps.
A lot of the items I'm sharing with you today,
these wealth-building to-do lists, these checklists,
to allow me to get here, but the first thing
was to learn to live off less
and just be content because the more
that you can live in being content with what you have,
it just gives you so much freedom to focus on yourself
and achieving the goals that we've outlined today.
All right, number eight is giving back
and this could be donating money,
this could be donating your time,
this could be being a mentor for other people.
Finding a way to give back to others,
others that you may be just one or two steps ahead of them
an by having a cup of coffee with them,
by sending them a text or having a phone call with them,
you could change their life
just by sharing your experiences with them.
Finding a way to give back,
I can't tell you how fruitful it's been
to help others achieve success.
And one of my favorite quotes about building wealth
and I wish I could give the person credit,
I don't know who said this quote, but it says
"If you want to achieve wealth,
"then you need to help others achieve wealth, too"
help others live a rich lifestyle,
help them accomplish their goals
and you will be rewarded for those efforts.
It's amazing how much you can get by giving back,
so find a way to give back as much as you can.
Number nine is getting your financial house in order.
So, what am I talking about here?
What happens if something happens to you?
We talked a little bit about life insurance
and making sure your loved ones are protected,
but do you have a will?
Do you have some sort of document
that outlines what happens to your things
if something happens to you?
Do your loved ones have access
to your social media accounts?
Do they have access to your bank accounts?
Do they know where your stuff is?
Do they know what you want to happen
to your stuff after you're gone?
Now, once again, if you're watching this and you're single,
it's probably not that big a deal, but if you have parents
that have been very kind to you through the years,
you can make it a whole lot easier
by having these conversations
so they know what to do with your stuff
if something happens to you.
Make sure that your financial house is in order.
All right, the last wealth-building goal
you wanna work towards is do the work you love.
Now, if you're sitting in your cubicle watching this,
you're probably saying "Jeff, I'm in a cubicle
"how am I gonna do the work that I love right now?"
It's not gonna happen today, it may not happen tomorrow,
it might not happen for another year
or two or three years down the road,
but first have a deep dive understanding
of what brings you life.
What gives you joy in the work that you do?
And then you can start figuring out
what are the things about your job that you hate?
What are the things that you just don't enjoy doing?
And start working towards doing the work that you love.
A book that I just started reading recently
is called The Big Leap and in this book,
the author talks about working in your zone of genius.
So working in your zone of genius
was this is you doing what you love to do.
It gives you life.
You enjoy it.
It doesn't feel like a job.
The more that you can understand
what are the things that give you life,
the more that you can work in the zone of genius,
you start realizing the things that you hate
and in this book, he's done a lot of research,
he's counseled a lot of people and what he found out was
a lot of people are stuck in these other zones
of just doing things that they have to
or doing the things that they do
just because they're good at them,
because they're competent.
Well, that can be okay,
what happens, though is that it drags you down.
It takes the life out of you.
It sucks the life out of you.
And if you're not working in your gift set,
the things that you are suited for,
the things that God has intended for you to do,
you don't realize how much that's hurting you personally.
It's hurting you, your relationships, your family.
So working towards that zone of genius
and that's why we go back to having that cash on hand,
of having that freedom fund,
because if you hate your job
and if you're buying things that you don't need,
if you're wasting your money on stupid things,
then you're gonna be stuck in this job that you hate,
but if you truly hate it
and you've identified the thing that you want to do,
the thing that you would love to do,
that's why we start saving more cash.
Then we can build up these savings
that allow us to get out of this dead-end job that we hate.
Get rid of the boss that we can't stand.
- Hello, Peter, what's happening?
- That is what has to happen,
so find out what is the work you love
and work towards achieving that.
All right, so those are my top 10 wealth-building goals,
if you find yourself, you are 20 or 30 years old
and you want to achieve wealth,
you don't know where to start,
I've just given you 10 goals
that you can work towards right now.
And maybe you already are, and if you are,
let me now in the comments below where you are right now
in your wealth-building goal process.
Which ones have you achieved?
which ones are you struggling with?
And if you need any help, let me know in the comments.
I wanna find out what goals
you're trying to accomplish
and how I can help you achieve them
and how our community can help you achieve them, too.
All right, this is Jeff Rose,
reminding you that it is your money,
it is your life, and only you can make it awesome.
Just go out and be a goal getter today.
All right, until next time, peace!
(upbeat closing jingle)