You're about to become very rich.
Well that's if you're one of the millions of people taking
part in the next great wealth transfer,
and I've got news for you, it's started.
But even if you do benefit from this insane opportunity,
if you don't know one very important thing,
then it could all just disappear.
Hi guys, it's Mark.
So let's make money interesting
so that you can grow your wealth.
The great wealth transfer is, and there's no other way
of putting it, the opportunity of a lifetime.
Now I'm quite aware that if you watch my channel,
then there's a high chance you want to become rich.
And to be honest, it looks like you're in luck.
Many people are about to participate
in a $70 trillion opportunity.
Just to put $70 trillion into perspective,
that would pay not one, not two,
but 18 million teacher's wages for 70 years.
This is actually being referred to
as the greatest wealth transfer in history.
And it's already started.
When I heard about this crazy amount of money
changing hands, my first thought was,
"Where's it all coming from?"
- [Curtis] No, Dad, we're not robbing a bank.
- What did I put this on for, then?
No, for real guys, the answer was actually staring back
at me in the mirror.
Boomers just like me.
Well, technically I'm a Gen X,
but everyone likes to call me a boomer.
So let's go with that.
We've been around a lot longer than millennials,
Gen Z, and especially Zoomers.
And I've accumulated a lot of wealth in the process.
With age typically comes experience, knowledge,
and good looks.
Well, at least two of those were true.
You could decide which.
On average, they don't seem to respect it's a lot harder
to gain wealth nowadays, and have old-fashioned advice
that no longer applies.
I mean, crypto has changed the game and most boomers
still think it's a scam.
It also doesn't help the baby boomers also own most
of the businesses, real estate and stocks.
I made a video in the past about millennials and zoomers
being financially destroyed.
The harsh truth is millennials aren't having
as many children, they aren't buying as many homes,
and overall they're just not progressing like previous
generations did, due to a lack of financial stability.
However, that is coming to an end,
as it's predicted to over the next 20 years,
ending in 2042.
45 million households will transfer $70 trillion
to their heirs.
Because if there's one thing money can't buy,
it's the ability to live forever.
Don't get any ideas Curtis, I'm not going anytime soon.
Simply put, people with rich families are about to get
very rich themselves through inheriting cash, stocks,
real estate, gold, and even maybe crypto.
Well that's if you got parents or grandparents
cool enough to buy crypto.
- [Curtis] Are you suggesting you're a cool Dad,
or something?
- I'm not just suggesting it, I know it.
I've been told by these guys.
With all that said, it makes perfect sense
that as boomers start to pass away,
their children and grandchildren are going to start
inheriting mass amounts of wealth,
making millennials the wealthiest generation ever.
However, if you're thinking,
"But Mark, I don't have a trust fund,
so why should I care?"
Well, that's actually a really great question.
The good news is, that even if you aren't set to receive
a big inheritance, you can still massively benefit.
Whenever there is a huge exchange in money,
there are big opportunities for investors and entrepreneurs.
Most millennials don't know how to manage their money
like the 1%, which means they're likely to spend more.
And therefore, all you have to do is position yourself
in the right place to reap the rewards.
Did you know, three out of five professional footballers
and 60% of former NBA players declare bankruptcy
shortly after retiring?
Honestly, this is so shocking as they earned enough
during their career to never work again.
And if it was invested correctly, they would still earn
more than $100,000 per year
without ever running out.
This just goes to show it doesn't matter how much money
is given to you, if you don't know
how to manage it correctly, you'll end up with nothing.
A staggering 70% of families who inherited their wealth,
lose it by the second generation,
and 90% of families lose it by the third generation.
I think the best term to describe this is easy come,
easy go.
Once it reaches the third generation,
the people in control of the money become completely
disconnected with how hard that money was to earn.
I always taught my son, Curtis,
that money wasn't easy to make.
And it's something that must be valued and used wisely.
This did make me seem like a pretty harsh dad.
As when his friends got the latest phones
and game consoles, I would always tell him
that he had to save up his own money,
which he made by picking up leaves in the garden
and other odd jobs around the house.
When he started his first business, I also made it clear
that he could have all the advice in the world,
but no money to help him.
This is because when it comes to making money,
the first 100k is the hardest.
And the lessons you learn along the way,
are very valuable.
He now has net worth of over $500,000 at the age of 23.
And as he made it himself, I'm pretty confident
he'll know how to manage it correctly.
Just to back up this point,
a study recently found that around 68% of those
with have a net worth of $30 million
or more made it themselves.
And a second study by Fidelity investments found that
88% of all millionaires are self-made.
This just proves if you inherit riches
or you have no financial backing at all
and want to become rich, there's a simple formula
that the top 1% follow in order to gain and maintain wealth.
I followed this for my entire business journey.
I've made millions of dollars in the process.
Now I've mentioned this stat before, but it's so shocking
that I'm going to use it again.
A surprising 40% of Americans making over $100,000
a year are living paycheck to paycheck.
This proves that high-income is not the answer
to building wealth.
I've always been a firm believer that it's not how much
money you make, it's how much money you save and invest.
Of course, the more you make,
the more you're able to maximize your investments.
But wealth building is mostly down to strategy
and psychology.
So let's dive into how you can manage your money
like the richest people in the world do.
And hopefully by implementing this strategy,
you can make yourself a millionaire in the process.
With the right investment strategy,
you'll be able to gain your financial freedom
and will be able to make a consistent amount of money
every year without having to work ever again,
if you don't want to.
Remember, I'm not a financial advisor, and I'm just sharing
the strategies that have made me a lot of money
over the years.
Please do your own research
before making any financial decisions.
Step one is to have an emergency fund.
I know this might sound silly to some, but surprisingly,
a huge amount of people would find it hard
to cover an unexpected expense.
If you start investing your money without an emergency fund,
then it can force you to sell your investments, utter loss,
if something unforeseen happens.
The perfect emergency fund is three to six months
of your living expenses.
This could be helpful if you lost your job or became unwell.
Step two is to pay off your high interest debt.
Sure, you could skip this and dive straight into invest it,
but why take the risk when you can get a guaranteed return
on investment by limiting the money that's leaving
your bank account every month.
If you have a high interest debt for something
that is not making you money, such as a car,
then it's best to get it paid off as soon as possible.
Step three is to open a tax advantaged account.
This may sound boring, but stay with me.
It allows you to pay less of your hard earned money
to the government in tax.
I mean, why give it away if you don't have to.
If you live in the UK, you can open a stocks and shares ISA.
And if you live in the USA, you can open up a Roth IRA.
These are tax advantaged investing accounts
that allow you to build your wealth long-term,
with all gains completely tax-free.
Most countries have these types of accounts,
which may work in a different way.
So you'll have to do a bit of research to find out
what is available to you.
I hope you're taking note
- island boys, - Island boys.
- or you're going broke.
- I don't need financial advice.
- Yeah, we don't need
financial advice from you. - When I probably make more
money than you. - Now let's go through
some numbers.
In the UK, you can deposit 20,000 to your ISA each year
and withdraw whenever you like, completely tax free.
In the USA, the Roth IRA works a little bit differently.
You can only deposit $6,000 per year and can't withdraw
tax-free until you're 59 and a half.
I mean, why is it 59 and a half?
I haven't measured my age like
that since I was nine and a half.
Step four is to invest in the stock market.
I always hear people saying I've invested in my Roth IRA.
And when I asked them what they've invested in,
they just say a Roth IRA.
So let's clear this up once and for all.
These are just types of accounts.
Think of them like this basket.
It's up to you to fill that basket
with whatever investments you like.
This could be Amazon, Google, Tesla.
The choice is yours.
If you only have around a thousand dollars then investing
in individual stocks could be for you.
It's a great opportunity to learn how to read financial
statements and hopefully have some fun.
A great way to start is to grab your free stock
from the public app worth all the way up
to a thousand dollars if you're in the USA.
I'll leave that link in the description.
If you can afford to invest a little bit each month,
then you should look into building a three fund portfolio.
This consists of a US index fund,
a total stock market index fund,
and a bond fund.
Bonds are a much lower risk, but offer far less rewards.
So the younger you are, the less bonds
you should technically hold.
If you choose this strategy, then you will own a small part
of the entire stock market.
Index funds like the S&P 500 typically return investors
an the average of 10% a year.
There are tons of compound interest calculators online
that you can use to work out your retirement
or freedom figure based on what you can afford to invest.
Step five is to buy cryptocurrency.
Unfortunately, there isn't currently a way to invest
in crypto without paying tax, but the potential gains
can far outweigh that.
I mean, if you can make millions in under a year,
then a tax bill isn't really the end of the world.
I usually stick to blue chip crypto coins
like Bitcoin and Ethereum.
However, I know a lot of people see this as boring.
If you do decide to try your hand at investing
in alternative coins, then I believe putting a small amount
in lots of coins could be your best bet,
as nine out of 10 may flop.
However, the one that goes all the way to the moon
has the potential to make a very large amount of money
from a very small investment.
However, the risk is far greater and I'm not looking
to chase short-term profits.
Instead, I'm all about building longterm wealth.
By the way, coinbase are currently giving away $10
worth of free Bitcoin, so if you're interested in that,
I'll leave that below too.
Step six is to venture into real estate.
It really is true that they aren't making any more land.
Well until Elon Musk starts selling plots of land on Mars.
Real estate can be a great investment,
as it gives you the ability to get cashflow
through charging rent, and also experience capital gains
as a property increases in value.
Property is much harder to get into,
and that's why I think it's more important to invest in
other assets first in order to build up the required cash.
I'm going to leave the next video right up there,
but don't click on it just yet.
Make sure to subscribe if you want to grow your wealth.
Okay, I'll see you over there.