I'm 54. If you're in your 30s or 40s watch this.
Summary
TLDRIn 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
💼 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.
🏦 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.
🏋️♂️ 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.
Mindmap
Keywords
💡Financial advice
💡Saving
💡Cutting people off
💡Fear
💡Investments
💡Compound interest
💡Focus on abundance
💡Forgiveness
💡Financial plan
💡Control
💡Giving and helping others
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
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