It's not about how much money you earn. It's what you do with the money that matters.
In this video, I'm going to show you a business strategy on how to manage your money. I'm not gonna tell you what to invest in. That's not my role. Here are the best ideas of what the best professionals do to manage their money.
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The real secret to wealth: speak at seminars where you can get away with just spouting unhelpful and regurgitated self help bs which doesn't offer any actual practical advice. It's great because you don't need to actually know much about money, just read other self help works then repeat it all. Charge 1000 people $250 at every city and bam you're rich
Ok let’s do some math. He says, put 5% of every check in a cash account to save for real estate deals. He also gave average number of deals: two per month. And 10 grand commission checks every time which is actually quite high for anybody outside of California. Anyway, let’s say you follow that to a T. End of two years, how much you think you got? You think you got that 185 grand to go buy a condo? Not even close. $24,000 is what you’d have. If you saved five percent of $20,000 in earnings every month. It would take you 18 years to get that. Ok lets say you’re not a dummy and you invested that savings earning 7%. It would STILL take you ELEVEN YEARS.
LLC helps protect you from liability NOT taxes. An S corp could help more on your taxes due to the double self employed tax The agent will claim him or her as a self employed under their schedule C and write off any business expenses- they dont have to open an LLC for this but it will leaves them liable to law suits However you should have a separate bank account for you business
This video gave very simple advice about managing income and putting it towards saving and investments instead just personal spending. NO, it's not earth-shattering new advice. But it is sound advice for teens/young adults or others who were never taught much about financial management.
Almost every. Single. Branch. coming off of your so called "investment" account of the 5% is categorically a LIABILITY. Savings accounts are burying money. There is no way in hell this is what the rich's accounts look like.
Literally the only thing of value you added was advising incorporating, which is common knowledge.
You're just a shovel salesman to prospectors, or rather a rhetoric salesman to the ignorant & greedy.
WHEN you have a STEADY stream of income which IS ABOVE your bills; you can THEN go on to save and invest. Trick is to FIND that steady income, FIRST. Then save TO INVEST. Rather than save for a RAINY DAY. What you expect is typically what you get.
The problem with saving is that it will never make you rich. You'll die before taxes for all that are taken away; and before you break down and decide to get a vacation, and beer, and go dancing, and pay for your kids, and your college, and your rent, and your car and your insurance, and your parking, and any fees from the bank, and what you spend on your various licenses. In short... you are left with maybe less than 80% to save with.
You can have SUPER DISCIPLINE; and then you MAY live to see the fruits of all that.
Ok, here is a paradigm shift.... you MUST SPEND MORE - that's what the rich do; BUT... and this is huge - it is WHAT THEY CHOOSE TO SPEND THEIR MONEY ON.
For instance, they buy land. They buy cars; but they find ones that are comparable to what you get off the lot; but they pay a FRACTION of the cost for that card. They get PAID interest. They DON'T pay it. They keep MONEY IN THE FAMILY; in a family banking system so that they don't have to pay that interest; and then they LEND that money to people who don't have it... but are reliable income producers.
You have to FLIP the way you think. If you think in terms of cutting costs all the time; you can only do that to a point; but if you figure out how to create PASSIVE INCOME or should I say LEVERAGED INCOME; and you MULTIPLY THOSE SOURCES... you won't be worried about what you are spending.
It's wise to still have a budget, of course; but you won't be worrying about expenses so much; because your streams of income will so offset those expenses that the gravity that MOST people feel from RECURRING expenses... will be reversed by the ANTIGRAVITY of STREAMS OF INCOME and money compounding more and more as time goes on.
Now, I'm not against savings... far from it...because that's really the first level of investing. But once you have gotten good at saving... you need to learn how to BORROW. You borrow WITHOUT interest. OTHER PEOPLE's MONEY. This means that you need to become very good at inspiring and persuading people that your ideas should be invested in.
Either way... all this takes time. You can spend that time just spending all the money you have each time you get a paycheck; or you can use it to become smarter and more skilled. Do the latter long enough, and you will compound your results.
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Title should just be " How to properly manage your money".
The rich manage their money in various ways like, not using their money, by using every possible tax deduction that 'might' be legal and by having assets that pay them dividends not income. Dividends are taxed at a different rate. The rich often inherit their money. The rich are often uniquely positioned to take advantage of opportunities that create wealth, like investing in riskier/more profitable investments because they can afford to lose more.
The best advice for the average person who makes an average income is to manage your debt properly.
One credit card and pay it off each month.
Look at who is making money in society and paying for the education to do whatever that is. Hairdressers go to school for 10 months and can easily make over 100,000 a year if they are diligent and work smart, for example.
You will never save enough for retirement, try to buy assets that appreciate over time.
there is not one simple solution to become financially stable and the truth is, most of us spend our entire lives trying to achieve shelter, (paid off house).
So the answer is not simple and life is not fair, but listening to people who are financially successful will help you more than people who manage rich peoples money.
I have a Mobile Car Wash I accept cash and have a PayPal Account I buy my chemical in 5 Gallons buckets and have no Employee's and I have no Credit Cards or Debt this is just going to help me make way more money
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People that complain and have all negative comments below down there, they are forever poor because they do not want to learn and just every time people do seminar teaching how to manage money, they will come and attack you SAID how it didn't work. They never try before and don't even want to try and scared to take action. So forever stay poor, But they love to stay poor, and keep comment how all these talks/seminar didn't help, without taking action and listen and learn how to improve their life and manage their money.
The real lesson is to gather a bunch of desperate people in a room and use their desperation to pay for a seminar that teaches them bullshit. The people in charge didn't become rich or wealthy by playing the game by the rules. Those who say otherwise are either in on it or stupid.
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This video is more about how poor people can save more money from what they get. At the end of the day, most people from 15 percent have 100 dollars left for real estate. By the time you gather a decent amount to invest in real estate you are either dead or the payout amount from the investment is not even enough to survive till the next payout and you end up dead again.
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“Tom Ferry and this video is a tool(to make him money) nothing less and nothing more..”
Now go and do as he does and not as he says ... create bull crap seminars for the simple minded.
The money from the job not enough to invest and just matches the basic expenses? The solution is actually a hard one, try a part-time business, online sales or network marketing, or a sales job which pays your efforts and not the hours worked. There are limited promotion opportunities and waiting for one may not be the best idea...
Is it just me or do all these financial "gurus" like Tai Lopez and Grant Cardone just assume that everyone has this big real estate portfolio where we can deduct it all in our taxes and have all this money left over to invest in whatever the fuck. This guy is just describing a very vague scenario in which you can find the loophole to paying taxes through owning real estate and rental properties. He doesn't even once refer to the majority crowd that works for a paycheck, and how they can manage their money and be successful. This is completely pointless and misses the target audience 100%
Why would people want Fiat money when we all kno it will be worth nothing in the relatively near future. People are really putting their lives and self worth on the line for a manipulatable, easily created and destroyed currency backed by thieves and con boys. Playing into a system where we spend our lives to fund the rich.
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Work out if you need to pay.
When you know your gain you need to work out if you need to report and pay Capital Gains Tax.
You may be able to work out how much tax to pay on your shares.
the same type, acquired in the same company on the same date sold at the same time.
sold other shares in the tax year sold other chargeable assets in the tax year, such as a property you let out claim any reliefs are a company, agent, trustee or personal representative.
Reporting a loss.
The rules are different if you need to report a loss.
Fifth most actively traded share.
Market capital of DKK 206 bn.
Shareholders by geography.
Rest of Europe etc.
Ratings from equity analysts covering the Danske Bank share and consensus earnings estimates.
Selling in special circumstances.
shares you bought at different times and prices in one company shares through an investment club shares after a company merger or takeover employee share scheme shares.
Jointly owned shares and investments.
If you sell shares or investments that you own jointly with other people, work out the gain for the portion that you own, instead of the whole value. There are different rules for investment clubs.
What to do next.