I'm 54. If you're in your 30s or 40s watch this.

Summary

In this video, a 54-year-old shares crucial financial advice for their younger self, emphasizing self-reliance in saving, cutting toxic relationships, embracing change, and not fearing it. They stress the importance of investing early for compound interest, focusing on wealth over appearances, and starting financial planning immediately. The speaker also advises maintaining physical health, forgiving past mistakes, focusing on abundance, seizing opportunities, and helping others. They conclude by highlighting the significance of one's mindset and reactions to life's challenges.

Takeaways

• 💼 Save yourself: Your financial responsibility lies with you; no one else will rescue you from your financial mistakes.
• 🔗 Surround yourself wisely: Cut ties with those not aligned with your financial goals and connect with those who share your ambitions.
• 🛠 Embrace change: Don't be afraid to alter your approach; doing the same things won't yield different results.
• 🚀 Dream big: Overcome fear and take bold steps towards financial growth.
• 💰 Prioritize wealth over possessions: Focus on making your money work for you, rather than on materialistic displays of wealth.
• 📈 Invest early: The earlier you start investing, the more time compound interest has to work in your favor.
• ⏳ Start now: Delaying financial planning makes it harder; start as early as possible to ease future burdens.
• 🏋️‍♂️ Maintain health: Keep fit to ensure you're around to enjoy the fruits of your financial efforts.
• 💖 Forgive and move on: Let go of past grievances, especially with parents, and focus on moving forward positively.
• 🌱 Focus on growth: What you concentrate on will expand; direct your energy towards positive financial growth.
• 🌟 Seize the day: Recognize that you're never younger than today; act on opportunities promptly.
• 🔄 Change yourself to change your finances: Personal growth leads to improved financial health.
• 🤝 Help others: Giving and assisting others is not just beneficial for them but also enriches your life.
• 📊 Create a financial plan: Having a clear strategy and goals can guide your financial decisions and prevent aimless wandering.
• 🧠 Control your thoughts: Your reactions and behaviors are a direct result of your thoughts, so maintain a positive mindset to achieve desired outcomes.

Q & A

What is the first piece of financial advice the speaker would give their 30 or 40-year-old self?

The first piece of advice is to take responsibility for your own financial situation, as no one else is coming to rescue you. It’s essential to motivate and inspire yourself to manage your money wisely.

Why does the speaker recommend cutting off certain people from your life?

The speaker suggests cutting off people who are not aligned with your financial or life goals, and instead attaching yourself to those who are either on the same path or have already achieved what you aim to reach.

What does the speaker say about doing things differently?

The speaker advises their younger self not to be afraid of making changes and doing things differently. Sticking to the same old methods will yield the same results, so it’s important to try new approaches to achieve better outcomes.

What is the speaker’s view on material possessions?

The speaker believes that material possessions ('stuff') aren’t as important as they seem. It’s more important to focus on making your money work for you in the background, rather than trying to look wealthy.

Why does the speaker recommend investing as much money as possible early on?

The speaker emphasizes the power of compound interest and suggests that investing as much as possible in your 30s and 40s will yield greater rewards later in life, allowing for a more comfortable retirement.

What is the significance of 'starting now' according to the speaker?

The speaker stresses the importance of starting early with financial planning. The longer you wait, the harder it becomes to accumulate savings, especially as you approach your 50s and 60s.

What advice does the speaker give about physical health?

The speaker recommends maintaining good physical health through exercise, such as walking, because having money is less meaningful if you aren’t healthy enough to enjoy it.

Why does the speaker advise forgiving your parents?

The speaker advises forgiving your parents for any financial shortcomings because they likely did the best they could with what they had. Forgiving them helps you move forward and focus on your own financial growth.

What does the speaker say about focusing on abundance versus lack?

The speaker highlights that what you focus on tends to grow, so it’s important to focus on abundance rather than lack. Positive energy should be directed toward personal finances to foster growth.

How does the speaker connect mindset with financial outcomes?

The speaker explains that your mindset directly impacts your behavior, which in turn influences your financial outcomes. By thinking positively and focusing on growth, you can improve your financial situation.

Outlines

00:00

💼 Personal Responsibility and Financial Advice

The speaker, at 54 years old, reflects on the financial advice they would give to their younger self. The first piece of advice is the importance of self-reliance in managing finances, emphasizing that no one else is responsible for one's financial well-being. The second point is about surrounding oneself with like-minded individuals who share the same financial goals, suggesting the need to cut ties with those who do not align with one's aspirations. The third advice is to embrace change and not be afraid to do things differently to avoid stagnation. The speaker also encourages overcoming fear and pursuing financial dreams with determination.

05:02

🏦 Prioritizing Wealth Over Material Possessions

The speaker advises focusing on wealth creation rather than material possessions, suggesting that 'stuff' is not as important as the money that works for you in the background. They recommend not spending time trying to appear wealthy but instead concentrate on building wealth discreetly. The speaker also stresses the importance of investing money early to benefit from compound interest and to start this process as early as possible, even if it means making significant lifestyle adjustments.

10:03

🏋️‍♂️ Health, Forgiveness, and Positive Focus

The speaker highlights the importance of maintaining good physical health to enjoy the fruits of one's financial success. They also touch on the significance of forgiving oneself and parents for past financial mistakes, advocating for letting go of the past and moving forward. The advice includes focusing on abundance rather than lack, suggesting that one's energy and attention should be directed towards positive financial growth. The speaker also emphasizes the importance of seizing opportunities and making changes in one's life to improve financial circumstances.

🌱 Helping Others and Planning for the Future

The speaker stresses the value of helping others without expecting anything in return, viewing it as a moral obligation and a part of living a fulfilling life. They also emphasize the need for creating a financial plan to provide direction for one's money and life. The speaker concludes by stating that while one cannot control life's events, one can control reactions and thoughts, which in turn influence behavior and outcomes. They encourage adopting the right mindset to achieve desired results.

Keywords

💡Financial advice

Financial advice refers to the guidance provided on managing one's finances, including saving, investing, and planning for the future. In the video, the speaker reflects on the financial wisdom they would impart to their younger self, emphasizing the importance of taking personal responsibility for financial decisions and the consequences of those choices.

💡Saving

Saving is the act of setting aside money for future use or for emergencies. The speaker stresses the necessity of saving, stating that no one else will rescue them from financial mistakes, highlighting the importance of self-reliance in financial matters.

💡Cutting people off

This concept refers to the idea of distancing oneself from individuals who may hinder one's financial or personal growth. The speaker advises that surrounding oneself with the right people is crucial for aligning with one's financial goals and aspirations.

💡Fear

Fear is an emotion that can hold people back from making necessary changes or taking risks. The speaker encourages overcoming fear to make significant financial adjustments, suggesting that fear should not prevent one from pursuing their financial goals.

💡Investments

Investments are assets or property bought with the expectation of generating an income or profit. The speaker underlines the importance of investing money early and consistently, leveraging compound interest to grow wealth over time.

💡Compound interest

Compound interest is the interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods. The speaker mentions the power of compound interest as a motivation for starting investments early in life.

💡Focus on abundance

Focusing on abundance means concentrating on positive outcomes and opportunities rather than on scarcity or lack. The speaker advises shifting one's focus to abundance to foster a mindset that encourages financial growth and success.

💡Forgiveness

Forgiveness is the act of pardoning or ceasing to hold a grudge against someone for a perceived wrong. The speaker talks about the importance of forgiving oneself and others, including parents, to move forward without being burdened by past financial mistakes or familial expectations.

💡Financial plan

A financial plan is a structured approach to managing one's finances that includes setting goals, planning for retirement, and making investment decisions. The speaker emphasizes the need for a financial plan to provide direction and guide financial decisions.

💡Control

Control, in the context of the video, refers to the ability to manage one's reactions and behaviors despite external circumstances. The speaker notes that while one cannot control everything that happens, they can control their response, which in turn affects their financial outcomes.

💡Giving and helping others

Giving and helping others is an act of generosity and support that can positively impact both the giver and the receiver. The speaker encourages the practice of altruism, suggesting that it is a fundamental aspect of living a fulfilling life and contributing to the community.

Highlights

Emphasizes personal responsibility for financial management and the importance of self-motivation.

Advises cutting off people who don't align with one's financial goals and surrounding oneself with like-minded individuals.

Encourages making changes and not being afraid to do things differently for better financial outcomes.

Stresses the importance of dreaming big and taking action to achieve financial goals.

Warns against focusing on material possessions and instead suggests investing in invisible wealth-building activities.

Recommends investing more money early to take advantage of compound interest.

Urges starting financial planning and saving as early as possible to avoid difficulties in later life.

Suggests maintaining physical health to enjoy the fruits of one's financial efforts.

Advises forgiving parents for any past financial shortcomings to move forward positively.

Highlights the power of focus, suggesting that what one concentrates on will grow, whether positive or negative.

Reminds that time is宝贵的 and opportunities should be seized early in life.

Implores improving oneself to improve one's life and finances.

Encourages helping others and giving without expecting anything in return as a part of living a fulfilling life.

Advises creating a financial plan to guide decision-making and ensure financial goals are met.

Stresses that one's reactions and thoughts control outcomes, emphasizing the importance of positive thinking.

Reflects on the common financial mistakes made in one's 30s and 40s and the importance of learning from them.

Transcripts

as of the making of this video I'm 54

years old now if I could go back to my

30 or 40y old self and give myself some

Financial advice here's what I'd say so

the first piece of advice that I would

give myself is that you have to save

yourself nobody is coming through that

door to rescue you from the mistakes or

anything that you've done with your

money or want to do with your money it's

on you your money is your responsibility

you may have to encourage yourself you

may have to motivate yourself and

Inspire your own self but it's all on

you nobody's coming to rescue you the

second thing I would tell myself is that

you may have to cut some people off out

of your life people who are not going in

the same direction you're going when it

comes to your money or your life and

you're going to have to attach yourself

to those people who are going the

direction you're going in life and with

money or people who have been where you

are and are at where you want get to so

don't waste time with the wrong people

around you now the third thing I would

tell my 30 or 40 year old self is don't

be afraid to make changes okay and do

things differently don't get caught

doing things the same way you've always

done them right because if you do things

the same way you always do it you're

going to end up getting the same results

that you always got so you got to do

things different and look don't be

afraid of doing things differently

sometimes fear holds us back don't let

that fear keep you from doing what you

got to do you may have to make some

major adjustments and some major changes

but you got to keep going despite fear

but push yourself to dream big

financially and put on your big boy

pants and get it done now the fourth

thing that I would probably tell my

30-year-old or 40y old self is that

stuff ain't that important when it's all

said and done right you really want to

put your money to work in the background

who cares about stuff in the end stuff

don't even matter as much as you may

think it matters it really don't matter

that much right what matters more is is

your money going to work for you and

working real hard for you back there

where nobody can see it so I would tell

myself hey don't spend time trying to

look rich and look like you got

something but Focus that energy on

getting wealthy in the back right where

people can't see it and it's none of

their business to see it they shouldn't

be seeing it now the fifth thing I would

tell myself is invest more money if you

can stretch yourself to put more money

away towards your Investments as early

as possible if you're 35 36 37 32 40 put

away as much money as possible the

sooner you start doing that the more

compound interest can really go to work

on your behalf look you're going to pay

for it anyway you're going to pay when

you're 60 or you're going to pay when

you're 30 I suggest you pay it when

you're 30 when you have the energy you

have the good health and you're

motivated it when you're 30 years old

pay for it at 30 so you can chill when

you're 60 cuz you don't want to pay for

it when you're 60 and regret the fact

that you didn't pay for it when you was

30 now that takes me to to the sixth

thing the sixth thing I'd probably tell

myself is start now don't wait the

longer you wait the harder it's going to

get look it's hard to just turn it on

when you 50 55 years old and if you're

50 55 years old let me know in the

comments if what I'm saying is right

when you get to be 50 55 60 65 you don't

want to have to turn it on all of a

sudden and start saving a whole bunch of

money you sort of wish you had done that

when you was 30 years old or 35 years

old you ever see like a game that's a

four quarter game and towards the end of

the game you see the team working real

hard and really hustling real hard and

you're asking yourself well why wasn't

you doing all that hard work in the

first quarter and in the second quarter

why you wait till 6 minutes to go at the

end of the game to turn it on right

apply that to your life

in the first part of your life get busy

Go With It Go Hard right so turn it on

as soon as you can and don't wait till

the end of the fourth quarter to start

getting really serious about this thing

now the seven thing I would tell my 30

or 40 year old self is to exercise walk

keep your body in shape keep your body

in good physical condition so that

you're here for the Long Haul right what

good is it to have a whole lot of money

if you're not in good shape and good

physical condition to enjoy it now the

eighth thing I would say to myself my 30

or 40 year old self is forgive your

parents as soon as you can your parents

probably did the absolute best they

could do with what they had maybe they

didn't have a whole bunch of money maybe

they didn't send you to the this this

this uh this type of school or that

school or buy you this or buy you that

look the sooner you can forgive your

parents and move on the better don't

live back there in the past look all par

parents all people all humans we all

make mistakes we make mistakes in life

and with money don't beat yourself up

and make sure you forgive you and you

forgive your parents for whatever took

place in the past and you need to live

life moving forward looking forward the

key is to recognize those mistakes

forgive and move on keep going forward

now the ninth thing I would tell my 30

or 40 year old self is simply what you

focus on is going to grow right whatever

you put intention to and energy behind

is what's going to flourish it's going

to and it's going to flourish in the

direction where you put that energy at

if you come to a situation with your

personal finances and you're putting a

lot of energy into being negative that's

going to grow and it's going to fester

and it's going to get bigger and bigger

and bigger but if you take all that

energy and you put it towards something

positive regarding your personal fin

finances then that's what's going to

grow in that direction see because

abundance and lack are all around us

they're everywhere everywhere we look we

have people that are abundant and people

that are lacking and don't have as much

right the key is this we get what we

choose to focus on so what I would tell

my 30 or 40 year old self is focus on

the abundance don't focus on the lack

focus on what you can do what you can

have and put that energy there so that

that is what begins to take place and

manifest in your life whether it's your

life or your personal finances right

spend more energy and focus and time and

money on fixing problems and growing

then you spend on trying to figure out

who's at fault who's to blame how

terrible those mistakes are don't put

your energy there put your energy on the

positive put your focus on what what's

next what's coming what's possible and

keep that positive energy and that

positive mindset and you'll have

abundance because you're focusing on

abundance the 10th thing I would say to

myself is simply this guys today you are

as young as you will ever be if you're

30 years old and you're watching this if

you're my 40-year-old former self hey

you only get older from here time

doesn't wait on you and the older you

get the faster time pass passes Us by so

you don't get moments back you don't get

days back often times you don't get

opportunities back you got to seize the

opportunities that are put before you

with both money and time right now the

11th thing that I would tell my 30 or 40

year old self is that your life and your

money changes when you change your life

and your money gets better when you get

better your money and your life will

improve

when you improve you want things to

change with your money you want to have

more money you want to have more

Investments you got to make some changes

cuz it ain't changing till you change

and when you change it changes now the

12th thing I would tell myself my 30 40

year old self is make sure that you help

other people and you give to other

people not just to get something out of

it but you give and you help other

people CU it's just the right thing to

do see I would tell my former self

listen the price you pay for all the

beauty of living and life itself is to

give and help other people because

you're not in the world by yourself and

giving and helping others is a small

price to pay for the beauty of life that

we all enjoy now the next thing I tell

my 30 or 40 year old self is please make

a financial plan for your money and for

your life with money and why because I

want you to have some direction see I

want the plan that you come up with the

strategy the plan the goals I want those

things to help guide your financial

decisions if you have no direction in

life and with money your life and money

could end up anywhere and all the

decisions you make regarding money

should be based on whether or not it

fits in your strategy and your plan that

you've come up with for your money so

develop that plan in is what I'd tell my

30 or 40 year old self now the final

thing that I would probably tell my 30

or 40y old self about life about money

is that you can't always control what

happens to you but you can always

control how you react and how you think

because how you think

determines how you behave and how you

behave determines the results and the

outcome right so you're thinking really

has a direct connection to your outcomes

so how you think matters that's why you

got to get your thinking right if you

get your thinking right then you'll

start to behave accordingly and

ultimately the outcomes will be based on

your thoughts so get the right thinking

get the right outcomes look guys I'm 54

years old and I've seen a lot of 30 and

40 year old people make some of the

biggest Financial mistakes of their life

look we can all blow off our 20s and be

okay but we can't blow off our 30s and

40s and have a good rest of our life in

our 60s and 70s so there you have it

that's what I would tell my 30 or 40y

old self about money if I could go back

and give some advice as always guys the

best person who's going to take care of

the old you is the young you take good

care of yourself and take care of other

people until the next video peace