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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Most rich people have either:
1) Inherit the money
2) Born with a special gifted talent they choose to develop
3) Married or divorce someone rich
4) Lucky enough to win a case such as lotto, insurance or similar
5) Highly educated to be on the top of 6 figures income
6) Be lucky by making some wise choices when it comes to investment
7) Have found a way to master the trading
8) Have come across some niche sources of income
9) Dirty hands. Drugs, illegal, trafficking, stealing, lying, robbery, gamble, power, abuse,politics, religious and similar
10) Work hard and smart for it, take time, but make it over the time to leave a legacy for their generation.
To many sarcastic comments. No need to sit in judgement of the talk. Simply take away what you can and add it to your arsenal of knowledge. This isn't the only bullet in your six-gun. Be positive and use what you can, tailor-making it to your own life-situation. There is a lot of good here is we can evaluate the content objectively. I learned a few things and it reminded me of others. Worth the time to watch peeps.
Ok so I'm only 18 I am young and I am having a bit of trouble understanding the 15% section so by tax account do you mean that it's just money to pay off your taxes ? And also for buissnes expensies is that only if you own a buissnes ? And the home account is that an account for your home? And also how do you make those accounts in the way that is being described in the video ( I am very very poorly educated when it comes to financial stuff my parents are the 80% and no one's ever taught me anything else about that stuff)
if any of you really need money that badly you can use faucets for small amounts of bitcoin at a time. you can also use receipt hog on your phone too make easy money scanning receipts you get from the store after you make a purchase. The Faucet i use can get me at least $10 every month and thats without filling out surveys. Surveys pay well but the big $$$ only looking for certain people. Link for good faucet and receipt hog in my profile.
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Like you already know been scammed by fraudsters feels as bad as heartbreak .I felt worse than that when i was scammed by some Wilfred Osborne , who really made me in debt, I almost lost it all ,
Luckily , I stumbled upon testimonial post of mr robinson huth I messaged him and told him about my predicament
He helped me pass through all this .
This is just my second payout and I’m closer to clearing all my debt . Thank you sir peter Wesley!
Anyone can get in contact with him as well
Via his mail [email protected]
Is the concept of pass through taxation only applicable to realtors? I'm a landlord and have read time and time again that setting up an LLC really only offers benefits against liability suits. I elected to take out an umbrella insurance policy to protect me which seems more fitting for my circumstances.
I lost a lot when i tried investing myself. Maybe i wasn't smart enough but what worked for me was to allow a professional trader place trades for me and i get a great percentage of profits weekly/monthly. Best decision i took all thanks to Shelby Alvani
💯 Have used these 3 accts incl to grow and run a business for 20+ yrs. It works. Period. The separate tax account also helps with budgeting. Esp if you set up in a diff bank from your biz acct, ie a business investment acct. Out of sight out of mind. You’ll be amazed at how fast the tax acct will grow. Tip: if have residual after paying taxes use to re-invest in biz (new software etc) or leave in tax acct for unexpected expenses like big projects.
I’m only 15 and I hate the situation I’m currently living in. I shouldn’t be looking this far into the future but if this video will help me reach my goal in life I’m going to study this until I have it memorised. I don’t want to stay in the place I’m at.
The entire talk falls apart when you realize you cannot incorporate because you are an employee working for some kind of corporation and they will not cut a check to your corporation. The avenues for climbing the economic ladder are no mystery, there's two ways to climb, The Shortcut: build skills and experience to enter a high paying career or The Long Road: learn discipline and put money in to passive investments monthly.
If you want to learn about finance avoid snake oil merchants like this. Next Level Life and The Financial Diet come to mind.
I just got to watch this video and it's been sitting in my important list for several months, nearly a year. I'm glad that I watched it now and not earlier as I can really use this business account model
Money, cars, homes doesn’t make you happy in life. And if you truly think that it does or that of you have that your problems will go away, then you truly are a Fool! You do not to need watch videos on YouTube to tell you that. Even little kids will tell you that it doesn’t.
Well 80% versus 20%... you gonna hedge that bet when, not if, when the collapse happens. Money won't save you, it's a just tool. Additionally, incorporating is like being a bitch unable to stand behind the man, or woman, you are and the convictions you hold. It's basically being coward, yeah you got money, riches, etc., but you're scared to be a person. Just my opinion.
LIAR ! ACCOUNTANTS are either stupid and poor OR Cost way too much to afford. Go to websites search for FREE INFO about such. Unless your business has $50k or more go SOLE PROPRIORSHIP book keeping. Use Dome Weekly Bookkeeping Record Book, 11in. x 9in., Brown . Buy new one each year office supply. If you have 50k cash or more set up a non-profit FOUNDATION in Las Vegas or Delaware. Lots of FREE BOOKS order from IRS online for TAX BEBEFIT BLUEPRINT FORMS & METHODS. Then; search the web Free Educational sites on book keeping. This guy is a motivational speaker but is so misleading . Also... in your work CUSTOMERS are your income source. Never ever put money in "PAPER CERTS" ! Take an Accounting Class at local night school. Real Estate is best to hold,rent,flip for safe keeping. However,... invest in a REAL ESTATE BROKER CERTIFICATION CLASS 1st .. or you will lose everything ! Then look at as many props as possible to learn your LOCAL MARKETS. You MUST FIND GOOD Realestate Agents, Escrow Agents, Notories and learn all about CONSTRUCTION and BUILDIING CODES. Rich people find and hire the best people.. including you if you prepare. Sit alone and remain ignorant and fail OR get out LEARN & meet the Right People and form a Team and SUCCEED !
The reason poor people spend a lot of money whenever they get it is because they have to in order to survive and not be homeless. Living cheque to cheque is an almost impossible cycle to get out of without an injection of wealth that gives you freedom to invest. That's the bottom line. Also rich people can afford to take the risk which is inherent in investment whereas the poor are one bad investment from the gutter. Useless advice.
In my opinion this is only obvious to people who know how finance works. Most people live from check to check instead of thinking 20/30 years ahead. If you can set aside 300 bucks a month (a.k.a. 3.6k a year) and invest this smartly yielding an annual return of 8%, after 30 years you have made 440k. If you start early and keep it up 40 years it is even over a million.
And I get it, you do need a little bit of luck. If you happen to start investing at the very peak of a market (like right now) that 8% might not be doable, but by all means 8% is not a huge number. But it does take some balls do start investing, you have to be willing to take risks (large or small ones).
I do agree with you that he might be oversimplifying things and he starts talking about a 4k check like it's nothing. I mean that's a lot of money for most folks. But to me all your arguments sound like excuses (and honestly I don't mean to offend you).
To me it all comes down to a few things. Ones that are simple in nature, though very hard to live by.
1. Live below your means
2. Invest as much as you can (responsibly)
3. Work your ass off
This is if you actually want to gain financial freedom. Which is what this is all about for me. It's not about money. It's not about status. It's not about a fancy car. It's about getting to spend your time the way you want to spend it.
+Gerben912 I'm not making excuses. This guy is pretending to offer some shortcut or special knowledge. All he is doing is stating the bloody obvious. He's a scam artist.
Hard work is not enough, you also need talent and luck in order to break out of your class . He simplifies it down to just setting up a limited company bank account to avoid charges. its useless.
+Black Radius That's great. And I didn't mean to be condescending, there is nothing wrong with being the 80%. But you should stop making excuses man. At least where I live (Netherlands) it is very possible to get out of it. You just have to be willing to pay the price.
Tom Ferry, I have really enjoyed your videos and a regular subscriber to your channel. I have started using your advice to teach people in my home country Ghana. I have used your empowerment to also start my channel with my country in focus. Thanks your the leadership.
Before you think how great it would be if everyone was smart with their money just remember that the people who get a check and instantly start spending it are the drivers of our economy and debt is the bread and butter of every bank. Without these selfless dim-witted individuals, our economy would crash and take decades to recover
And in the end:) We all know that these guys from 5% line, would not make their wealth without friendships and connections. And those the real "sponsors" consist of 0.5%. Trust me Bill Gates would never made his wealth if his Mom didn`t knew someone to talk to at IBM...
This was great, thanks, I been tryin to find out about "repair credit repair bad credit repair credit help" for a while now, and I think this has helped. You ever tried - Fanrayson Creditor Indemnization - (Have a quick look on google cant remember the place now ) ? Ive heard some super things about it and my neighbour got great success with it.
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The first 15k I made with my new job I bought a 5 bedroom 350k house (3% down conventional mortgage). I now have 3200 coming in a month of rental income and a 2400 mortgage and live for free. everyone should do this!
I like the spirit of this, but at the same time it feels kind of ridiculous. Then again, if his advice is this popular there must be a large demographic of people making 6+ figure salaries and blowing all of it. Too bad I am not one of them. lmao
yeah man, 80% of people are just really careless and THATS why they dont end up with enough to get by. There are no external factors or vectors of systematic exploitation.
Obviously, his business advice is sound, but it feels more than a little dishonest and unconstructive to push this framework. I also get that his job is to motivate and sell you on the importance of his ideas, but that doesn't make it any less self-serving or misleading to state "80% of the population are just silly money wasters who dont know my secret code"
But if you've got a normal permanent job with an employeer. How do you go from that to ask him and pay you via your own corporation?
Surely the government doesn't allow that and large multinationals or small employeers won't allow you to apply for a permanent role and then pay you via your own company?
First thing you should know before you start to manage your money correctly :
- Don't go for something which you can't acquire with what you own. If you don't have the money, that means It isn't for you. Debt makes you a slave to somebody who is concerned with his own wealth, while you are doing everything possible to boost his wealth and not your own.
Pay yourself first? Try to do that if you have employees. They get money first. I know quite a few (MANY) company owners who live in nice houses, drive nice cars, and don't pay their employees (on time). Why?
Because they're paying themselves 1st Why do they pay them selves first??? BECAUSE they've bought lots of toys, larger house than they can afford etc... and they NEED to pay themselves first.).
The people that pay themselves 1st also seem to have a difficult time paying people they owe money to (if your self employed there are a TON of bills to pay). Once again... BECAUSE they are paying themselves 1st.
"Pay yourself first" - if you own a business, is the WORST advice. Everyone gets paid BEFORE you put a dime in your pocket. Don't believe me? TRY to keep employees, that you're paying late... or CAN'T pay. TRY to pay yourself 1st and not pay all the companies who you owe money to monthly. They will never sell to you again. Or won't extend credit to you again. How you gunna run a business then? Nobody will wok for you, and nobody will trust you to pay them later. "cause you're busy paying yourself 1st.
fuck the rich. rich ppl rob because rich ppl can never generate wealth by themselves. rich ppl deserve bullets in their skulls.
my experience rich ppl attempt to rob myself of my wealth everyday.
rich ppl & their minions are going to die very soon.
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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.