One of the things that separate the port from the rich is how they think about
money money lessons are not taught in school
and that is the reason why most people go their whole lives
without proper financial education what most people know about money
comes from their upbringing and many random searches on the internet
but this is not the right way to learn about money and quite frankly money is
too important in our lives to be left a chance sadly
very few people possess the money knowledge they need to succeed
financially but luckily boss in this video i will
share with you seven money lessons you need to learn now
and if you're new to the channel then hit the subscribe button below for more
life changing content lesson number one you can never have enough money
the first lesson you need to learn about money is that you can never have enough
of it think of it this way why do the world's
richest people still work for money why do people who seem to have all the
things they need still want to make more money
the simple answer is that they can never have enough money
when you make enough money that can meet your current needs you start thinking of
more you want a new house a new car or new
furniture while it is good to improve your living
this mindset can affect you in so many ways
first you believe that your happiness and fulfillment in life comes from the
amount of money you make when the amount goes up you become happy
but when you lose the money you feel unfulfilled and dissatisfied
you can never achieve the goal of making more money
once you meet your present goal you have to set another one you may start to
compare yourself with others and at the end of the day feel dissatisfied
there will always be someone richer than you
and if you are comparing yourself to others you will want to make more money
to be better than them you have to decide where your real value
lies and your real value is in yourself and never in the money
you can never have enough money nobody can ever have enough money
placing value on money will put you in an endless circle of frustration
you have to decide to be happy with whatever you have this mindset will help
you to stop chasing money and focus on things that will make you happy
lesson number two you can make money while you sleep
warren buffett once said if you don't find a way to make money while you sleep
you will work until you die the truth is that you can
never make all the money that you need to be
financially free working for it you need to have a way to make money
even while you sleep i know that sounds like a fantasy or
maybe a cliche you've heard so many times but it's true
this is not just to motivate you but to change your mindset to see the
possibility of making more money while you sleep
you cannot keep living from paycheck to paycheck without having extra money at
the end of the day you must plan for the future by saving
money and investing this is possible when you can create a
system that can make money for you while you sleep
what this means is that you have to create a system that can work almost
automatically that is requiring little or no
involvement from you this is called passive income that way
you can use your time for other important things and still be guaranteed
that you will make money here are a few ways that you can
earn money while you sleep and grow your wealth to new
heights the first is for you to invest in real estate
real estate can bring you rental income if you rent out your property
you can also invest in real estate to sell when the value increases
or you can become a shareholder in successful companies by buying their
stocks where they pay you interest in the form of dividends you can also
write a book and publish it to make more money
you only need to invest your time to write the book once and you can make
money from it for a very long time lesson number three you
can earn outside your nine to five job gone are
the days when people just relied on having a nine to five job
in fact more than ever people are dipping their toe in the entrepreneurial
waters now i'm not asking you to quit your 9 to
5 job if you already have one or become an entrepreneur i'm only
saying it is not good to put all your eggs in one basket
having an alternate source of income is just not an option
it is a necessity that you must consider this is one of the money lessons that
you would never learn in school in school you were
groomed to be an employee who will depend on a paycheck
don't get me wrong it is good to go to school and get a good job
people are happy doing their 9 to 5 job but you should consider adding an
extra source of income there are endless possibilities to what you can do to make
extra money there are also no limits to the number
of extra sources you can add i will explain some ways to earn money
outside of your 9 to 5 job the first on my list
is drop shipping you've probably come across this on the
internet and may be wondering what it is drop shipping is when you set up an
online store with different products with the intention of selling physical
products however instead of holding inventory you
are sending your sales items directly from your vendors to the end customer
other things you can do include creating online courses writing ebooks
starting a blog or a youtube channel or selling physical products
however the reality is that none of these means of making money
may be for you or you may have no idea where to start when it comes to learning
these skills all you know is that you want to earn
more money well this is why i created the side hustle success course
where i show you how to build a freelance side hustle from scratch
that you can use to earn at least a thousand dollars a month and succeeding
with this course requires no prior experience
as i walk you through step by step exactly how to scale up to a thousand
dollars or more a month and unlock the new found financial
success that comes with making more money
if this sounds like it's for you check out the link in the description
for more information on how you can join these side hustle success course today
lesson number four having money can change you
there's a saying that you don't know who you are until you have money having
money usually affects your behavior and can change you and sometimes not for the
better when you have money you become more
independent you can easily buy the things that you need
well this is a good thing studies have found that money usually makes people
become more self-centered that is they care less about others and
in turn focus more on themselves although this is not always the case as
there are many rich people who give to charity
help developing nations and also contribute to the welfare of others
however having more resources than your peer
which in this case is money may change how you act and perceive
those around you in fact having money often makes people become
louder and ruder they want to spend all day talking about themselves and how
great they think they are they often see others who do not have
money as having lesser skills and talents than they do
money is not a bad thing you just need to understand that it can change the
psychology of the one who possesses it lesson number five you must make your
money work for you the rich make their money work for them
while the rest work for their money how do the rich make their money work
for them you may be wondering the rich invest their money in things that make
more money the simple answer is they invest
investment means foregoing the use of your money now for interest later
the first step to making your money work for you is to clear off your debts
you can't be living in debt and make reasonable investments
know how much you owe and set a goal to clear that balance
the next thing you should do is make a budget a budget will help you cut out
unnecessary spending and save more money set aside a portion of your money for
saving and investing every month have an emergency fund that can take
care of you in case anything should happen
this should be about three to six months of your earnings
invest your money in things that are profitable like real estate and the
stock market the greatest investment that people
rarely talk about though is investing in yourself
invest in knowledge and understand how money works talk to a financial advisor
or even take a course on money lesson number six
bank accounts aren't as safe as you think since the start of time saving
money in the bank has been considered the safest thing to do
but is this still true saving your money in your bank account is not really as
safe as you think you can easily add money and withdraw
money from your bank account and even earn interest on it however
there are several disadvantages that come with it
the value of the money in your savings account will not be the same
when you want to withdraw it this is because the interest rate on money is
usually too low the rate cannot cover up for the high
inflation rate thereby making your money have a lesser value
when you want to withdraw it keeping your money in bank accounts means that
you must keep a certain minimum amount and also pay charges for your money so
you see bank accounts aren't as safe as you
think lesson number seven investing with the masses means you are
too late you should never be tempted to invest
when other people are investing don't invest your money just because you
see a ton of others investing at that time
as this will probably make for a poor investment decision
when you are investing with the masses it probably means you are
too late and the profits you aim to gain will never
come to fruition the right time to invest is usually when others are not
aware be an early investor and not a late bird
and when others have invested do not panic
do not succumb to the fear of missing out people don't like missing out on
interesting deals but when it comes to investing fomo is a
big deal it can make you invest on emotion and
not on reason when others are panicking and selling
their investment that should be the time that you should
take advantage know that the market will always fluctuate
that means the investment that has little value that others are selling off
will still increase in value learn to be patient when it comes to investing
think of it in the long term because that is where the real profit is
great investors don't invest with the masses they are afraid when others are
not and they are not afraid to buy when
others are you can't make money if you do not
understand how money works and if you make money
without understanding how it works you won't be able to keep it thanks for
watching if you want to go from the life you have
to the life you deserve then hit the subscribe button now
you