5 Things To Never Ever Do With Money
Five things that you should never do with money. Kris Krohn, Limitless TV, coming your way right now. No intention of being blasphemous but there were 10 commandments and if you’ve ever broken them down, there are five thou shalt’s and five now shalt not’s. In this video, I’m going to talk about the thou shalt not’s that you do with your money, there are five of them but I’m also going to temper it with five thou shalt’s with your money. Thou shalt not number one, things you should not do with your money include: don’t brag about your paycheck. Don’t brag about where money’s coming from, in fact, just don’t brag. There’s ego, there’s a need to be validated by other people, there’s a need to be approved or to actually invoke jealousy, we’ve got jacked up reasons when we want other people to perceive us in a certain way whether we do or don’t have money or based on our paycheck, so leave that one off the table. Thou shalt not gamble. Why not gamble? Well it’s interesting how investing and gambling can sometimes look similar. Responsible investing and irresponsible investing is the difference in this whole world of gambling and I actually do literally mean don’t gamble. Some people will take a gamble and I’m talking about going to Vegas and dropping the money and doing that because what you’re doing is, you’re hoping that some skill and some luck will get you where you want to go. Guys, the house wins and maybe you’re beating the odds but I’m going to tell you right now that I like my odds the way they stand with my rules of investing with my thou shalt’s because the house doesn’t win, I win and I don’t win all the time but they say the house wins because the house is winning more than 51% of the time and if your own life, if you’re winning more than 51% of the time, then you may end up being a really good bet. Bet on you, don’t bet on gambling. When you get some money, everybody suddenly wants to be a friend, they want to help you spend the money and thou shalt not allow money to get in the way of your relationships with people. Don’t allow money to color who you are, who they are, how you see people. Bottom line is, if having more money changes the way that you feel about people then you may not necessarily like who you become. Ultimately, I’m the decider of what money is and what it’s not because it’s just paper, it’s neutral and I’m the decider of it. Some people say money doesn’t grow on trees, it’s paper, of course it grows on trees, right? And you get to decide with this neutral element what it is. Also, people don’t want to see you invest that money or save that money because that’s boring and that’s one of the crazy things so thou shalt not go ahead and expose yourself to what society thinks that you should do with money. It’ll tell you to put it in things like 401ks or IRA’s and that you need to buy this car, you need to upgrade your house and yet investing? That is one of the thou shalt’s because it’ll actually help you get where you want to go and the fifth one thou shalt not increase thy lifestyle just because you have more money. In fact, let’s say you have the ability to double your income, here would be my challenge to you, take all of that doubling of income and roll it, snowball it into your future investments so that it can gain momentum and get to a point where you’ve done it so many times and delayed gratification so many times that you have this really great pile that you can play with. Do temper that in your lifestyle, what allows you to be present and what does allow you to live now without money defining you. Let’s talk about the thou shalt’s. Thou shalt learn how to budget your money. Yeah, I get it, it’s not sexy, people don’t enjoy doing it, for heaven’s sakes make it fun, make it exciting, find a way. Why? Because we’re trying to create a spread at the end of the month, we want leftovers. Why? Listen, if you can cut out your Netflix or drop this down or consolidate that bill or lower this payment or balance transfer this thing, you’re trying to create leftovers at the end of the month for your sleep wallet not account, for your savings, you’re trying to put money aside for investing, even giving right, paying it forward, tithing, a charitable contribution. Number two, thou shalt put your money to good use. Meaning, there’s an investor bucket so put your money to good use. Remember, right now you might be working for your money, the only way you’re going to turn the tide is if you can get money working for you, even if it’s $10, $100, $1,000, get what little you got working for you because in time, a thousand will work for you, that’ll become ten thousand, that’ll become a hundred thousand, that can become millions of dollars and then at that point, your money is working for you and you don’t have to work anymore. Number three, what do you do with your paycheck? Thou shalt divide it up and put it into the four buckets, which means pay your bills, it’s important to save money for your rainy day, it’s important to put money into your investors bucket and then it’s also important to take money and set it aside for that fourth thing, charity, thanks! How much do I do of each of those? I set 10% aside for my charity, I would put no less than 10% aside for your investing and for your savings. Ten, ten, ten, that’s 30% so you got to learn to live wisely within your means. Here’s the fourth thous shalt. Look at what some really successful people have done and I’ll replicate that, if it’s working and if it makes sense, it’s important to R&D, ripoff and duplicate. That sounds really crass but you don’t have to reinvent success, it’s already been invented, go look at what resonates that people are doing, just like I’m sharing with you how I do real estate, you don’t even have to love a real estate, you can have a team like my team step in, just like they do for me and do it for me and here’s the fifth thou shalt.. Look at the numbers, it’s time to look at the numbers, you may not have a strong suit for statistics or for math so I’m gonna invite you to take that and turn it into a strength or add a friend or someone to your team that does have a knack for numbers so that you can understand them. The devil is in those details and if you don’t know how to read numbers and crunch numbers and look at percentages, then you’re not going to catch obvious errors that should promote natural questions, just about every deal I look at, there’s a number that doesn’t make sense and I’ll look at that and I’ll ask, I’ll know to ask, well why is this, you know, if this is such a successful business, why does it only have a 10% growth rate? That’s a great question, how could I have known that unless I could interpret the numbers. So it’s time to take a look at the numbers. Those are the five thou shalt’s that I recommend you take a deep look at when it comes to learning how to maneuver successfully through money. Oh, oh, oh, I forgot one! Thou shalt subscribe! Like, you’ve done this, right? If not, correct it. As in like, right now, like do that thing, click that button and even click the heart-shaped bell, you know why? 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