Latest / Money Grows on Trees / #224 - 5 Ways To Guarantee You Will Work Until You Die

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#224 - 5 Ways To Guarantee You Will Work Until You Die · Money Grows on Trees

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  Don't grow your network. Stick with the same broke friends who
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  complain about money. Stick to those around you who don't inspire you. Avoid
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  mentors, avoid other people who invest, and avoid wealth-minded
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  people. If your network is your net worth, then your network is
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  your net. Getting into credit card debt can be a very slippery slope, especially
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  when the credit card companies keep sending you offers to take more credit. When
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  they do that, just say no. It's like drugs. Just say no. Invest in yourself. That
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  means investing in your own skill set. I remember when I was sitting in my office
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  one day and I thought, I really want to become a millionaire. And I thought, what do I need to
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  do? I'm Lloyd James Ross, seven-figure investor and entrepreneur, and
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  I've helped thousands of business owners and professionals turn financial stress
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  into success. If you're stuck in old money habits, overwhelmed by
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  investing, or unsure where to start, this is for you. I'll
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  give you the mindset and strategies to take control, grow
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  your wealth, and achieve financial freedom. It's time to make your
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  money work for you. If you want to guarantee your work until
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  the day you die, just follow these simple steps. Never
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  invest, never grow, never track a damn thing.
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  Sound harsh? Good! Because that's exactly what most people
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  are doing, and they don't even realize it. So in this episode, I'm
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  breaking down the five habits keeping you broke, stressed, and
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  stuck on the financial treadmill forever. So let's
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  fix it right now. Okay, if you wanna work until you die, one,
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  never invest your money. Just leave it in a savings account, earning
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  nothing. Better yet, leave it in a regular account, not even a savings account. Inflation
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  will quietly steal away your future. Bonus
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  points if you say investing is too risky. Because
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  if you don't invest inadvertently, you are actually already investing in
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  a poorer future, right? So here's the truth. Not
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  investing is the riskiest move of all. Number
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  two, never learn new skills. Rely on
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  what you have learned 10 years ago because the world doesn't change. Of
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  course it does. But if you don't upskill, don't grow, you
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  don't evolve. All right? So when you wonder why you're
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  stuck at the same place and the same income, it's because
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  you're not investing in new skills. Because the world will
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  change around you and money flows to
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  those who grow. All right. Number three, don't track
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  your spending. Nope. Just wing it. Swipe and hope
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  for the best. Never look at your bank account. Never go
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  and do an audit. Just let it flow freely into the neighborhood. If
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  you have no plan, you have no progress. Alright? So if you want to
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  work until you die, don't look at your money. But of course,
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  you can't grow what you don't track. If you can't measure
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  it, you can't manage it. So if you want to get better at it, start measuring
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  it, start managing it. Number four, if you want to
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  work until you die, load up on consumer debt. Get
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  all the credit cards you can with the highest interest you can and
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  max out all your credit cards on consumer goods. Finance your
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  cars, finance your phone, finance your
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  TV and your couch. Finance everything. Just
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  buy everything on credit, right? And of course, pay
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  20% interest. Of course that's absolute sabotage,
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  but that's what people are doing. So of course it's going to take him to
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  financial ruin, alright? So if you're doing that, you are
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  definitely on track until you work, until you die. Number
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  five, don't meet people. Don't meet anyone new. Don't
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  grow your network. Stick with the same broke friends who
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  complain about money. Stick to those around you who don't inspire you.
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  Avoid mentors, avoid other people who invest, and
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  avoid wealth-minded people. If your network
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  is your net worth, then your network is your net worthless.
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  And that's what happens if you don't meet new people. So
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  if you want to not get wealthy, if you want to work until you die, just ignore everyone,
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  hate people, never meet them again, never say hello, and just stay
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  in your house. Because your environment will shape your financial
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  future. So if you're not developing your environment who you hang out with, you are not
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  shaping your financial future. So of course, how to get around that is start
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  meeting new people. Don't be so afraid of them. They're more scared of you than you
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  are of them. Your net worth determines your net worth. So how
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  do you fix this? Of course, you invest your money. So
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  what you want to do is start out with a small little micro-investing account or an app.
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  Start out with a very small brokerage account, put in a little bit of money, and
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  compound it over time. Start investing today, not just in money,
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  but in skills as well. Because if you start now, the earlier you
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  begin, the bigger your wealth snowball becomes. So
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  definitely invest, because it's the best thing you can do for
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  your future self. Just quickly, if you're ready to take control of
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  your finances but feel stuck on where to start, I have a
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  solution. My book, Money Buys Happiness, simplifies investing
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  and wealth building with practical steps to help you achieve financial peace.
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  Get your copy via the link in the show notes and let's get your money working for
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  you. Now back to the episode. So to avoid this, what
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  you want to do is invest in yourself. That means investing in your own
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  skill set. The world will change around you quite quickly, especially
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  now with AI. So if you're not in front of those skills of how to prompt
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  AI properly, or how to invest, or how to even do
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  a new job effectively, then you're gonna get left
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  behind because the world without a doubt is gonna change around you very quickly and
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  you have to keep up with it. So how do you improve your skills? You invest in courses,
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  coaches, mentors, and different things that are
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  challenging now and frustrating to do, but I guarantee you
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  if you invest in yourself and your skills, your future self will thank you
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  for it. So when I started investing, I started with $2,000 and I
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  bought Westpac bank shares. And that's when I got paid my first
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  dividend. And it was just this great feeling that I knew if I kept buying
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  shares of great companies, that over time my wealth would grow. And
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  so I didn't start out with a lot. We've got a multi-million dollar portfolio now, but
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  it never starts out that way. Every thousand mile journey starts with a single step.
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  Just like any multi-million dollar portfolio starts with
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  a very small first investment. How I started investing in
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  my skills, the very first time I did it was when I was working. And
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  I noticed a lot of people at work, they were doing a lot
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  of financial modeling using Excel. It was important for the developments. And
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  I noticed that people good at that had a pretty solid
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  job. So I actually asked my boss, I said, hey, can I do a three-day financial
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  modeling course? and I had to get his approval. And he said, of course, yeah, sign it
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  off. And he gave me that advantage and I went and did it. And
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  it just really enhanced my skills in the
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  company, but it also made me more valuable. And
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  so when everyone got retrenched and made redundant, I didn't because I actually had
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  that skillset and it took me three days to learn it. And that's a great example
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  of how I first started to learn to invest in myself and my skills. And
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  I just never stopped doing it ever since. So that's an example of what it
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  takes to do that. So I remember when I was sitting in my office one day and I thought, I really wanna
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  become a millionaire. And I thought, what do I need to do? What
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  do I need to save each year? What do I need to invest each year to do that? Because
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  I actually wasn't tracking it. And if you don't track your goal, like
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  you're never gonna get there. So I sat down with my Excel spreadsheet and I've just put
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  down how much I was saving per year and how long that was gonna take me. It
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  was gonna take me like 14 years. And so that allowed me to then track,
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  well, maybe I need to make more money. So once I tracked it and really
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  measured what will it take to become a millionaire, I had a very clear picture of
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  what I needed to do. And it just enhanced and improved my financial management
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  behavior because I actually tracked it. Now I track our
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  spending and our money every month, and I know what's coming in and going
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  out, and it allows me to make better financial decisions. And you can do
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  that starting from right now, looking at your bank statement for the last month. Of course,
• 7:32
  getting into credit card debt can be a very slippery slope, especially when
• 7:35
  the credit card companies keep sending you offers to take more credit. When
• 7:38
  they do that, just say no. It's like drugs, just say no. It's easier
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  to just avoid it than get into this position of like some and
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  some not. So I like to pay off our credit card in full every
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  month, which I do. And I don't like to buy things
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  that are consumer based. I like to spend our credit money on our businesses
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  and things that are growing money. And I like to just not spend
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  on using credit on consumer things. And we have one credit card for
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  one reason, pay it off every month. And that's the best way to
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  stay out of debt. And it's best just to be debt free. So
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  there's a guy by the name of Tremendous Jones and he would
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  often say, you're the same person each day except for the books you
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  read and the people you meet. And one person can
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  change your life. I remember I met one guy and it
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  completely transformed our financial future. It helped us start three
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  businesses from that one interaction. If I had stayed in a house and
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  not met new people, we wouldn't have been given the opportunity. So if you've got lots
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  of skills and lots of knowledge and a lot of ambition, but you haven't yet received an
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  opportunity, it's because you're not meeting enough people to give you one. So
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  get around good people, meet new people. They may not be in there your life
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  forever, they'll be in your life for a reason, a season or a lifetime, but some people
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  can totally transform the future of your life and it's worthwhile meeting
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  them because people are good people. They are, they're good and
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  there's no reason to be afraid of them. Just keep meeting them, keep adding them to your network and
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  one day they may lead you to one of the most incredible opportunities of your life. If
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  any of those habits hit a little too close to home, good. That's
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  your wake-up call. The good news, you can change all
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  of it. Start investing. Track your money. Upgrade your
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  skills. Surround yourself with people who actually want to build something, all
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  right? And you weren't born just to work, pay bills, and die. So
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  do the opposite of those things, and you'll get what you're
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  after, all right? Because I don't want you to work until you die. I want you to live a
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  fruitful life. So we'll see you on the next episode.
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  Thanks for listening to Money Grows on Trees. If you enjoyed the episode, leave
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  a five-star review on Apple Podcasts and Spotify and
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  subscribe to us on YouTube so you never miss an episode. And
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  if you're serious about building wealth, make sure to check out the links in the show
• 9:42
  notes and follow me on all social media platforms, at