Preparing for a financially secure future
Summary
TLDRThe speaker emphasizes the importance of financial literacy in the face of economic challenges such as crashing stock markets, rising interest rates, and inflation. They discuss the impact of these trends on affordability, consumer spending, and job security, highlighting the surge in layoffs across various sectors. The script urges individuals to prepare for economic downturns by understanding financial trends, managing expenses, and developing income-generating assets to secure their financial future.
Takeaways
- 📉 Stock markets are crashing, and interest rates are rising, making homes bought recently unaffordable.
- 💸 Prices for consumer goods, gas, milk, and travel have increased significantly, making everything more expensive.
- 🏠 Housing has become unaffordable, and refinancing at current rates is difficult for recent homebuyers.
- 🔄 Layoffs are happening across all sectors, including tech, media, and entertainment, due to high business costs.
- 📊 Inflation has reached its highest levels in decades, leading to increased interest rates and decreased consumer spending.
- 🛒 The Consumer Price Index has skyrocketed, reducing consumer confidence and spending power.
- 💳 Consumer debt has more than doubled over the last 20 years, especially for age groups 30 to 60.
- 💡 Financial education is crucial, and real education starts after school. People need to understand current economic trends.
- 📉 Recessions occur periodically, and it is essential to prepare for future economic downturns.
- 📈 Developing income-generating assets is vital for long-term financial security and managing liabilities.
Q & A
What is the main focus of the discussion in the transcript?
-The main focus of the discussion is financial literacy and understanding the importance of being prepared for economic uncertainties.
What are some of the current economic trends mentioned in the script?
-The script mentions crashing stock markets, rising interest rates, increased prices for consumer goods, unaffordability of housing, and layoffs across various sectors.
Why do companies resort to layoffs when facing high inflation and increased cost of business?
-Companies resort to layoffs to manage their expenses when their income is low and costs are high, as part of their strategy to maintain operations during economic downturns.
What does the speaker suggest is the real education for financial trends?
-The speaker suggests that real education for financial trends begins after leaving school and involves continuous learning and understanding of economic changes.
How does the speaker describe the typical income growth curve and its relation to expenses?
-The speaker describes the income growth curve as initially rising fast and then tapering off, while expenses continue to increase due to life events like marriage and having children.
What is the potential danger of not having a financial plan according to the transcript?
-The potential danger is that without a financial plan, individuals may find themselves unprepared for economic downturns, layoffs, or other financial shocks, leading to serious financial instability.
What is the importance of creating income-generating assets as mentioned in the script?
-Creating income-generating assets is crucial for long-term financial stability and provides a passive income stream that can support individuals beyond their working years.
Why does the speaker emphasize the need for financial education?
-The speaker emphasizes financial education because it empowers individuals to understand and navigate economic trends, make informed decisions, and prepare for financial uncertainties.
What are some of the checkpoints the speaker suggests for individuals to evaluate their financial health?
-The checkpoints include having emergency funds, a monthly budget, positive cash flow, life insurance, and a plan for paying off debt, owning a home, children's education, and retirement.
What is the connection between financial planning and peace of mind as discussed in the script?
-The connection is that financial planning helps individuals achieve financial security, which in turn provides peace of mind by reducing the stress and uncertainty associated with financial instability.
What does the speaker mean by 'sleeping on a financial railway track'?
-The phrase 'sleeping on a financial railway track' is a metaphor for being unaware or unprepared for the potential financial dangers that could arise from not managing one's finances properly.
Outlines
📉 Economic Trends and Financial Preparedness
The speaker emphasizes the importance of financial literacy in understanding the current economic trends, such as crashing stock markets, rising interest rates, inflation, and layoffs across various sectors. They highlight the unaffordability of housing and the general increase in the cost of living. The discussion is centered around the need for individuals to prepare for potential economic downturns and the steps they can take to safeguard their financial future.
📈 The Impact of Inflation and Consumer Spending
This paragraph delves into the effects of inflation on consumer spending and the cost of running a business. The speaker discusses the historical context of inflation rates and their current spike, leading to higher interest rates aimed at curbing spending. The impact of this economic climate is evident in the form of layoffs and reduced consumer confidence, which in turn affects the overall economy. The speaker also touches on the significant job losses in the tech sector and the broader implications for various industries.
💡 The Necessity of Financial Education and Planning
The speaker stresses the importance of financial education, especially after leaving formal education, and the need to be aware of financial trends. They discuss the typical income growth curve and how it often fails to keep pace with increasing expenses, leading to debt. The speaker warns of the dangers of being unprepared for economic changes and encourages proactive financial planning to avoid potential financial ruin.
🔄 Recession Cycles and the Importance of Preparedness
This section discusses the cyclical nature of economic recessions, noting that they have occurred regularly since 1945. The speaker points out that while the economy may recover, the effects of recessions can be severe, including significant drops in asset values. They challenge the audience to consider their preparedness for the next recession and the importance of not only planning for the short term but also securing their financial future.
🏠 Creating Assets for Long-Term Financial Stability
The speaker introduces the concept of creating income-generating assets as a strategy for long-term financial stability. They advise against relying solely on active income and emphasize the importance of passive income from assets. The paragraph discusses the dangers of liabilities and the need to manage them effectively. The speaker encourages the audience to educate themselves on how to develop assets that can generate income beyond their working years.
🤔 Self-Reflection on Financial Health and Goals
In this paragraph, the speaker prompts the audience to reflect on their financial health by asking a series of critical questions about emergency funds, budgeting, savings, debt, and long-term financial planning. They highlight the importance of having a clear financial plan, including insurance, education funding for children, and retirement planning, and the need to take action towards achieving these financial goals.
🛑 Taking Action for Financial Empowerment
The speaker concludes by urging the audience to take action towards financial empowerment. They emphasize the importance of education, seeking guidance from experienced individuals, and making conscious decisions to improve one's financial situation. The speaker encourages the audience to move beyond passive knowledge and to actively work towards creating a secure financial future.
Mindmap
Keywords
💡Financial literacy
💡Economic trends
💡Inflation
💡Interest rates
💡Layoffs
💡Recession
💡Consumer debt
💡Passive income
💡Emergency fund
💡Budgeting
Highlights
The importance of financial literacy and being prepared for economic uncertainties.
Current economic trends indicating stock market crashes, rising interest rates, and unaffordability of homes.
Inflation rates from 1990 to 2022 and the government's response to curb it through interest rate hikes.
The impact of inflation on consumer goods and the increase in the cost of living.
Layoffs across various sectors as a response to increased business costs and reduced consumer demand.
Tech industry job cuts and the potential for a 'bloodbath' in the job market as stated by Sundar Pichai.
The significance of understanding financial trends and the need for continuous education post-school.
The typical income growth curve and the challenges of managing increasing expenses.
The dangers of living on a financial railway track without understanding the potential for economic downturns.
The cyclical nature of economic recessions and the importance of being prepared for the next one.
The importance of financial planning and the common excuse of lack of time as a barrier.
The concept of lifestyle being derived from having both time and money, and the pursuit of financial security.
The necessity to increase income beyond active income through the development of income-generating assets.
The four quadrants of financial stability as discussed by Robert Kiyosaki and the focus on passive income.
The need for a strategy to increase income, including managing liabilities and leveraging assets.
The importance of education and self-improvement in financial matters to avoid economic vulnerability.
Actionable steps for financial preparedness including creating an emergency fund and following a zero-based budget.
The value of surrounding oneself with a community that values excellence, integrity, and personal growth.
Transcripts
so what is the first and most important
thing in the premise of what our
discussion today is right it's about
financial literacy right most important
thing that we all have to do as
professionals as whoever we are is to
understand are you prepared for tomorrow
right
and it starts with what are the current
economic Trends what is happening around
us okay uh well stock markets are down
I won't say down they are crashing okay
uh interest rates are rising okay uh the
homes we bought yesterday are not
affordable anymore if you bought a home
in the last six months you probably
cannot go by the same home again because
interest rates have almost doubled
prices are rising for consumer goods
okay and you know everything is
expensive you eat gas be it milk be it
anything right uh flight tickets travel
everything is expensive right housing
has practically become unaffordable okay
uh most people like I said if you bought
a home in the last year you probably
cannot even refinance and buy it at the
new rate
right uh layoffs are happening across
all sectors right these are some
realities of what is happening around us
today right and I want you to kind of
think about some of these things and see
how all of this affects you and how you
should take a few basic steps to prepare
yourself for that right
this graph just kind of shows the
inflation okay now if you look at this
is the inflation rate from 1990 to 2022
right and we used to have high inflation
in the 90s but in the last 20 years from
literally no inflation to look at we
have right now at one of the highest
inflation levels now when that happens
what happens
uh the the
government has to raise the interest
rates to curb that inflation so so they
can curb the spending right and and it's
uh you know we're talking about oh
economy is heading into a recession
right I don't know if it's going to
happen not happen right those are some
big things that some probably I and you
don't control but you have to understand
that what does that increasing
increasing inflation do just increasing
inflation basically raises the price for
everything
right for consumers
for companies for businesses right now
what happens when cost of business goes
up for companies right
it is what happens there is layoffs
right because these companies have to
operate they cannot have low income and
high expense they have to manage it
right these are some news articles you
are hearing every day today right uh you
know Twitter you know this was the first
company to say you can have permanent
work from home now they are like you can
have permanent work from home with no
pay
okay uh you look at Facebook large skill
layoffs you look at Amazon you know they
initially said they're going to lay off
10 000 people now they said no no it's
going to be 20 000 people right uh you
look at Google they said you know Sundar
pichai had made a statement there's
going to be bloodbath on the streets if
things keep going like this and just two
days back he made a statement that he
cannot say if we are not going to have
layoffs in Google in 2023 right and this
is just a report which says significant
job loss is expected in 2023. now if you
look at what is already happening in
2022 this is a graph of all the tech
layoffs from January to November 2022
right in January it was 600 layoffs in
November it is 59
000 layoffs
right this probably does not include
every little company but includes a lot
of big names I you know it's crazy right
now layoffs are not just happening in
Tech sector they are happening in every
sector you know you would think oh Pepsi
everybody would want to drink Pepsi
whether it is recession inflation I want
my Pepsi canadi right
but she's laying off people right uh
uh EV everybody thinks electric car
salinitis is having a layoff right uh
they are there again you know you look
at naughty track everybody you would
think oh it's everybody understands
importance of exercising so at least
they will continue to exercise but not a
track is which makes exercise machines
as having earlier now this is a very
interesting one 300 jobs in fifth round
so what happened in first round second
round third round fourth round let me
tell you not your track
is right now 50 percent of where they
started as employees just less than a
year back they have cut down 50 percent
okay uh you look at Twitter means
janitors are striking after being laid
off with no warning because I know
software Engineers are expensive deals
so it makes sense to lay off software
Engineers because they are making good
six figure incomes but when companies
come down to laying of janitors
you realize where what they are dealing
with okay major layoffs hit the media
and entertain an entertainment industry
right so if you look at its happening
across the board right and guys why is
it all happening because
interest rates inflation is very high
cost of running business is high uh it's
crazy right now what is happening and
then the consumer demand has reduced
what is consumer spending consumer
spending is how it's it's an index that
tracks okay
how much confidence do I have in making
in investing in in uh buying things and
if the Consumer Price Index goes up then
my confidence in buying goes down right
now this chart here is for last 20 last
30 years 1992 to 2021
as you see prices have been increasing
right so people are you know but then
what happened in just last one year
it shot up from 275 to almost 300. if I
extrapolate this this data is only till
2021. if I extrapolate this data to 2022
here is what this graph would look like
you're like climbing Mount Everest
no wonder economy is thinking and people
are like hey can I afford this because
everything is becoming more and more
unaffordable right Consumer Debt
right if you look at these are different
graphs for different age groups from age
groups 18 to 29 to 50 to 60. guys you
look at these three graphs here
age group 30 to 39 50 to 59 40 to 49
40 years back the debt was in the range
of 1 to 1.5 trillion dollars
today that debt has jumped
to more than three trillion dollars so
in the age group across age group 30 to
60.
it is the debt has almost more than
doubled from 1 trillion to almost three
four trillions in the last 20 years
right who's going to pay this debt now
that debt is a you know it's mortgage
there's cars credit cards and guys I'll
tell you
but that's what is happening right why
guys you know all of this is happening
and we got to be prepared for all of
this right now here is something Robert
Kiyosaki said your education begins when
you leave a school
see when I see all these economic trends
I forget all the things I learned in
computer science I am more worried about
and guys you've got to be educated more
about these Financial Trends that's why
we are talking to you here tonight
for you to understand it's not about
what should I do not do you've got to
understand where you are headed
some people are so simple so clueless
about where things are that they don't
even realize you got to educate yourself
financially because your real education
starts
as you get out of school not when you're
in school right because it's a real
world right now this is your typical
income growth curve right if you work
for first few years your income goes up
very fast but then it tapers off
income is simple making 100K 150k is
easy but whatever you are making to add
an extra 50k to it is not easy now here
is your expenses your expenses hey you
get married you've got kids you got a
bigger car you need a bigger apartment
you need a bigger home you need and your
expenses keep going up now some people
this is a disaster in America these
expenses for most people are up here way
above the income line that's why there
is debt and I showed you that debt
Rising like crazy
but even if you are the best you would
say you know what I'm not going to spend
anything I don't have you can manage
your finances but now you're trying to
run this
Financial track where you're trying to
keep the two lines like a railway track
I'll tell you something a very scary
thing guys
a lot of people given their finances and
their lack of financial understanding
are actually sleeping on a financial
Railway track
they don't realize there's a train that
is going to come
and they will get wiped out
you are trying to balance this economic
Trend but this is not enough because you
know what can happen tomorrow you heard
all those layoffs and everything else
this is real now I don't wish upon that
to happen for anybody I hope none of you
are affected by any of that that's great
but you know what you could lose your
source of income tomorrow
because something happened your income
could drop
now when your income drops unfortunately
your expenses don't drop now if your
expenses don't drop what are you going
to do
how are you going to manage it
what are you gonna do
you're gonna move from a big apartment
to a small apartment you're going to
tell your kids not we're not going to go
eat out as much you're going to tell
your kids we can't go for a vacation
you're going to tell your wife we need
to sell our car what are you going to do
guys you gotta wake up right but that's
the reality right this is what is
possible and this is what is happening
because that could happen right now you
may say oh pankaj is talking about all
of these things and he's trying to scare
us
no no I'm not trying to scare you guys
let me tell you the good news all these
layoffs and everything will all go away
in two three years everything is going
to be absolutely fine
okay so don't worry about all this but
you know
here is the bad news
economic recession
happens every few years
this chart shows
all the recession since 1945 and this
number in the blue shows when a
recession happened how long it lasted
where a recession happened how long it
lasted and in every recession it stocks
assets dropped in value to 20 30 40
right you look at every two three years
five years something is happening 1969
17 73 after 75 it happened in 80 after
80 it happened in 90 after 19 happened
into so 10 years Gap now we are in last
recession happened in 2007-2009
you know what it has been 13 years
in this chart above there is no gap of
13 years
so I'm not saying things will not go
over right it will be all fixed but it
will happen again
and when that happens again
where will you be
the question is are you prepared for the
next one
right are you prepared for it
because if you don't take care of your
family's financial future no one else
will
an unfortunate fact is a lot of people
spend a lot more time planning on a
vacation planning on a trip planning on
a skiing trip planning on a barbecue
planning on a family get together then
they actually sit down to do it
to even do their financial planning
right now you know why people don't do
financial planning
because they they know it's not easy
it's very difficult
it's like some of us right you have a
coroner in your house where you know you
keep dumping a lot of stuff like it's a
storage room kind of thing and you know
when you think about cleaning that
storage room it shakes you up because
you know man there's too much mess there
it's not going to be an easy task
right here
you know there is no solution to the
task right so what do you do you ignore
that discussion financial planning you
ignore that discussion and my purpose
today is to help you think about that
guys because it's very important right
because
nothing else may change in next 10 years
but you know what one thing will is
guaranteed for sure
ten years later when this happens again
for five years later when this happens
again you will be five years more older
you'll be 10 years more older you'll
have a little more financial
responsibility and I hope you are
prepared for it right because if you're
not prepared for it you're going to mess
up your son right now now you
know you some people they don't have
time but they have money why do you
think I'm a high flying corporate
professional
some people they're the time but they
don't have the money
you may think I'm a student or I don't
I'm supposed to make money but I have
time man
but then there are professionals who
have neither time nor money
now you may think you are in category
one or category two but here's the fact
guys
most people if you have a job and you're
trading time for money to make money you
will neither have time you will neither
have money
that's where most professionals are and
it's not a pretty picture
now lifestyle comes from having time and
money
and Financial Security right all these
things you say anything whether it's
travel whether it's buying a nice car
whether it's spending time with loved
ones whether it is taking vacations
whether it's just enjoying an evening
everything needs peace of mind and peace
of mind only comes when you have both
time and both money right like lifestyle
has two words life comes from time style
comes from money
if you don't have either of them you
will never have a lifestyle
right and a lot of people they are
thinking about peace of mind but all
they have is when they don't have time
and they don't have money they don't
have Financial Security you don't have
peace of mind you have pieces of mind
right and I want you to think about it
right how are you going to manage this
right right what is your really what is
your real goal in life what do you want
to accomplish are you going to
compromise everything or are you going
to figure out a way to increase your
income you've got to figure out right
you you can either be in a compromised
state or you can be in an accomplishment
state
right but it's not an easy Journey but
you've got to ask that question to
yourself
you have to ask yourself where you are
versus where you want to be
right A lot of people they know where
they are they know they cannot be
anywhere else and they accept that as
their fate
but you know what
guys have you ever entered a airplane
and you see there's some people sitting
in the business class some people
sitting in the economy class
right have you seen some people driving
nice cars some people driving living in
big homes some people traveling in
vacations not having to husband and wife
both not having to go to a job not
having to send kids to a daycare you
know what what is special about you you
think everybody else got lucky no these
people did something different
financially
they did something otherwise they would
not be there
right it is hopefully they're not taking
vacations on credit cards okay hopefully
not right right but there is people who
have created financial success but it
happens by first you knowing where you
are versus where you want it right now
here's some checkpoints don't get scared
now a lot of us these are brutal
questions and you've got to ask yourself
understand is I am sound financially
do you have emergency funds for six
months to a year if no money comes
do you have money to run your expenses
if you lose your active source of income
and if your husband and wife and both of
you are working if one of the job
can you maintain your lifestyle
right
you know there's a yes and no answer to
everything
right and and I want you to mentally
think about that right do you have a
monthly budget a lot of people again do
not budget because they know there is a
negative cash flow
and its area to budget right so you
don't budget it's at least one less
headache right but that one less
headache leaves you on that Railway
track
financially where something happens
tomorrow you will get run over right so
I this is what I'm talking to you all
guys I want you to really think about
your finances and figure out how you're
going to change some things right do you
have a positive cash flow and regular
savings now the best way to find out
savings is
if you've been working for 10 years look
at your bank balance and see how much
you have in your savings account
if in the last 10 years you saved this
much or very little
then what makes you think without making
any change you will suddenly save a
whole lot in the next 10 years you gotta
think about these things I'm not saying
any of this to scare you but I want you
to think these are real problems this is
more important problem than where should
I go for skiing this winter
this is a more important problem than
you thinking about when should I go to
India
I need to visit my friend this is a more
important problem than you thinking
about should I take a vacation right
do you have debt have you already paid
for things you bought
do you rent or own now if you don't own
then you have to think about
when will I buy a home and when will I
pay off that 30-year mortgage
if you already bought a home
then you have to think is it an asset or
a liability
right
because it's you know an asset is an
asset only when it's creating income to
a positive cash flow
if you're if if you have rented if you
have a house and you are living in that
and you're paying a mortgage payment
and your job goes away
you can't make mortgage payment right in
2008 2009 you saw so many house
foreclosures
why because people were living in homes
they couldn't afford
their home was a liability right
kids education what is your plan for
kids education well that may not be
immediate problem but five years ten
years if you have kids they'll go to
college
education is not simple game we have two
kids who just finished College
but you know it took
two hundred three hundred thousand
dollars each kid just in their education
and ten years from now it would not be
300 000 it'll be five hundred thousand
dollars
do you have a plan or you're planning
that your kids will start with a student
loan right saving an investment that's
not even a question when you think about
all these problems right
retirement planning guys even if you
want to work till 65 chances are you
live till 85.
even if you don't lose a job you will
make money till 65 but you got to pay
your bills till 85. what is your plan
from 65 to 85
do you have a plan
right these are scary questions but guys
I want you all to think about these
questions
before you think about your next
vacation next barbecue next potluck next
movie right now I'm not saying get these
are you know if you become cognizant of
this you can try to find a solution
right
you have to think what is your reference
point right right am I because everybody
else has a problem so I have a problem
it's like oh you know it's like me
jumping from an airplane and clapping
because somebody else jumped from
airplane without a parachute before I
did
well do you realize if you jumped
without a parachute when he hits the
ground he might hit the ground first he
may die before you but that doesn't make
it any safer for you
what is your reference point oh my
friends they all have the same situation
do you want to live your friend's life
right guys you are a product of your
environment what does your environment
look like right
what do you read who do you listen to he
got around people who are valuing
Excellence now Excellence not in terms
of making money excellence in terms of
relationships excellence in terms of
spirituality excellence in terms of
health excellence in terms of everything
right as a matter of fact when somebody
is stressed out about money those are
the marriages and relationships that end
up into divorce and financial struggles
right how many times have you heard of
stories where friends got into a fight
because they had a money problem
but if nobody has a money problem then
why would you mess up a relationship
right so Excellence right
growth mindset
are you just stuck in where you are or
you want to move forward you want to
create a bigger impact do you have a
purpose in life right uh personal
Integrity right these were the things we
valued in our community we were around
people who stood for personal Integrity
who had focus on giving not just giving
money but giving their time giving right
when I'm talking to you all hey I don't
get paid for talking to you okay
but I put a lot more energy in
everything that you are I'm sharing
right now because we will be value
giving somebody gave it to us
we saw that as an important value hey
you may not have a hundred thousand
dollars to give out but can you give out
five percent
can you give her twenty dollars to the
next homeless guy you meet
or you're like oh I got bigger things to
worry about guys giving right we saw
that in this community accountability
being good for your word
being a team player right you know hey
together everybody achieves more so we
work together to accomplish some goals
and dreams for each one of us
but at my job that was not the goal
there was a project if it happens it's
good if it doesn't happen you know you
and then fun right we like to have fun
right we when we got around this
community we liked
it was not just about money it was about
Excellence it was about integrity it was
about character it was about being a
team player having fun and building a
community of like-minded people who
respected excellence in every part of
life
right whether it's their marriages
whether it's their relationships whether
it's their spirituality whether it's
everything right now
if you're born poor
it's not your mistake right
but you've got to figure out guys you
cannot let a 30 40 year of Life go by
because you are comparing yourself to
the wrong people
right
so where do you start right I'm going to
give you some points on some basic
Common Sense things you gotta do sit
down if you're a husband and wife sit
down review your financial goals needs
where and and when will you need money
how will you get it where will it come
from what are your goals right create an
emergency savings account okay uh
understand and follow a zero based
budget
okay enforce a positive cash flow don't
buy things you don't need don't use
credit card everywhere understand how
you're going to manage your finances
okay uh have a good life insurance
policy
guys you know sometimes you're like oh
pankaj but I've been working
my boss loves me I
half the company gets laid off I'm not
going to get laid off
what happens what if something happens
to your health what if the unexpected
happens what will happen to your wife
and kid
was that when I looked at my family
picture if I crossed myself out what did
that picture look like
again I'm not saying you can solve that
problem at least have a good life
insurance policy
they say that don't put all your eggs in
one basket so think about doing
something to fix this right now this is
a good start but none of this
it will help you
not get into too much of a mess
but it doesn't solve the problem
you know why
because job is a short-term solution to
a long-term problem right like I said
job is
because it's 65 if you have a good job
and if nothing happens to you you're
going to live till 85 how do you bridge
the gap I'm sure all of you are thankful
for your job I'm very happy that none of
you hopefully are affected by everything
that's going on in the economy but at
some point you would not want to work
you may not be able to work what are you
going to do right so what is the
solution
right solution is very simple guys
you've got to rather than thinking about
anything else you got to think about
developing income generating assets not
taking loans not just throwing money
into stock Investments and Bitcoin and
things which you cannot predict but
develop income generating Assets Now
what is this asset what is an asset
okay
so everybody knows income
right income is what money comes to me
then there's expenses right everybody
has to spend some money
then there is income you make active
income I go to work I make money I get a
paycheck and then because expenses so
income my active income brings the money
into income expenses gets the money out
right now your because you know your
income cannot change so your strategy is
keep the expenses less than income
remember I picked the picture I showed
you right but in that picture what if
your income goes away you've got a mess
right so what do you do right before you
do something else
be careful about this another dangerous
thing called liabilities
liability is an expense that cannot be
getting rid of easily
right
hey I buy a big home I cannot afford
right you created a liability
right a lot of two income families in
Bay Area have bought homes that they
cannot pay for if they lose one income
you've created a liability
but you're going to work all your life
right now liabilities
you're paying for liability so money is
going out so what do you do right you
got to start thinking about
a strategy
strategy of not just worrying about how
to keep expenses low that income but a
strategy
of how I'm going to increase my income
right some people the strategy of
increasing income is oh wife works
husband also works two incomes but that
strategy still doesn't take you too far
because taxation kills you
I'm not going to talk about taxation
here but taxation kills you okay so your
strategy is to increase income using
assets
okay now what do you do when you create
assets and they create income
you got a happy picture thanks to being
around people who were in life where we
wanted to be
we got some guidance we made some
changes we started focusing on
developing assets right now that asset
creates an income now what can you do
don't suddenly quit your job
strengthen that asset now you have that
extra money pay off the liabilities
remove the liabilities now you have
bigger assets your bigger assets
you have a good income
now you can take care of your expenses
through your income
you know what
you can get rid of active income
because you have income coming from
assets
that's what we developed
we developed assets that created an
income stream that would go beyond age
65. but you have to understand rice
again think of how you are going to
develop that asset because if you don't
develop that asset you got a very big
problem at hand okay I hope you're not
thinking uh of living on Social Security
because that gap of 65 to 85 is a very
dangerous Gap
right
again it's not me Warren Buffet says if
you don't find a way to make money while
you sleep you will work until you die
right
so you got to figure that out right now
we talk about
the four quadrants Robert Kiyosaki talks
about this all the time right and you
all know this very few right but you
guys you got to focus on how you are
going to create asset based income
because if you are on the active income
side there is no Leverage
100 of income comes from One Source if
that one source something happens
party is over
so you gotta think again I'm not saying
do this do that but you got to think
about something you gotta do something
it's a problem to be solved right the
first step I very strongly encourage all
of you guys I gave you some checkpoints
on
budgeting cash flow
paying off your debt Health life
insurance do those things but then
sit down
as husband and wife if you're a single
sit down yourself take somebody's help
find out how you are going to create a
passive source of income
because if you don't do that guys I'll
tell you
it will be a big problem okay
now how do you reach your financial
goals right
right the simplest way first of all is
once you create this how do you create
this passive source of income right how
do you get to that asset cash flow right
you got to educate yourself
what I'm talking to you is you are
sleeping on a financial
railroad track
if you're not going to educate yourself
and do something about it it's going to
be a disaster
start doing it something about it now
right how do you do it first thing is to
educate yourself about these things
right some people
they're like oh I don't know about all
this well too bad right study business
Trends what is happening around you guys
economies companies
uh jobs
is changing if you think I've got a safe
job economy could change
Concepts could change
things could change right so study
business Trends right get access to some
of these things take a lot of time to
get access to people who are in life
where you want to be right it could be
anybody you can find anybody who will
help you if you have an uncle or a aunt
who knows how to help you get financial
success please beg to them to guide you
but get somebody who has experience
who is in life where you want to be
who's willing to help you who has vested
interest in your success who's going to
help you take their help because you are
now going to figure this all out on
yourself
all right now you gotta but you gotta
get access to those people right and
you've got to be willing to make some
changes you got to be willing to do some
work
you've got to be willing to take some
action a lot of times
a lot of us we have heard of a lot of
things I just talked about here and
there but you have done nothing about it
and if you've done nothing about it
nothing's going to happen so you gotta
take a call to action
because if it's not then when you look
at that picture the moment the active
income stops you got a big problem right
so guys
I hope next time
when a pankaj or somebody else talks to
you and says ask you this question are
you prepared for tomorrow
you should be able to say yes I am
prepared for tomorrow
関連動画をさらに表示
Anak Muda, Lindungi Uang Kalian
Mengapa 50% Orang Miskin akan Tetap Miskin?
Millennials & Gen Z: Young And In Debt. Why? | Talking Point | Full Episode
Financial Literacy - Full Video
the end of the "9-to-5" & the future of work
DON'T BE FOOLED THE BUBBLES JUST KEEP GETTING BIGGER - DON'T LEND MONEY TO FRIENDS
5.0 / 5 (0 votes)