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What To Do *After* You Become a Millionaire · Earn Your Leisure

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• 0:03
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  Speaker 2: So for people, okay, on their financial journey and they
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  Speaker 2: hit they finally they become a millionaire. Okay, what should
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  Speaker 2: they do next? Like, what's next after you become a millionaire.
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  Speaker 2: I'll give some advice. Don't make any large purchases, including
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  Speaker 2: say it again, make any large don't make any large purchases.
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  Speaker 3: Yeah, staying the same you've been in, including a house.
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  Speaker 4: Rushad they're going to say that you're anti home, miss
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  Speaker 4: I'm not going to.
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  Speaker 5: No, no that. But tell them why that's important.
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  Speaker 2: Yeah, because, uh, your primary home, unless it's a multi
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  Speaker 2: family home.
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  Speaker 5: Is not going to be a asset.
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  Speaker 2: For you in the moment over the course of time,
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  Speaker 2: but it's going to be a liability for you in
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  Speaker 2: the moment. So you're still trying to collect as many
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  Speaker 2: assets as possible to grow your wealth.
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  Speaker 5: You don't want to take you.
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  Speaker 2: Don't want to take two steps back after you made
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  Speaker 2: three steps forward. So you make a million dollars, and
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  Speaker 2: you have a million dollars, and then you spend six
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  Speaker 2: hundred thousand on a house that's going to cost you
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  Speaker 2: an additional eight thousand a month. That's going to of
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  Speaker 2: course you an additional thirty thousand a year in taxes
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  Speaker 2: right back the way you started a couple hundred thousand,
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  Speaker 2: and like meek Mill said, that ain't real money, that's
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  Speaker 2: bail money, no disrespect.
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  Speaker 3: But that one bad situation and.
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  Speaker 5: Now you're back to rock bottom. So it's about it's
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  Speaker 5: about playing a long game.
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  Speaker 2: Real estate, for sure, is a good investment over the
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  Speaker 2: course of time, it has always gone up in value,
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  Speaker 2: but it can hurt you as well. So if you're
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  Speaker 2: going to buy real estate, we talked about the multifamily
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  Speaker 2: play all about you know, as far as having you know,
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  Speaker 2: places that other people live in. And now you're a
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  Speaker 2: landlord and you're collecting rent while your while your asset appreciates,
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  Speaker 2: and you might want to continue to actually rent a
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  Speaker 2: place because if you're actually doing business out that place
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  Speaker 2: or it structured properly with your CA CPA, you can
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  Speaker 2: write that off as attached right off, but you're still
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  Speaker 2: keeping large sums of money you have access to it.
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  Speaker 2: You never want to tie your money up until you
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  Speaker 2: you can, until you can properly afford it. Then when
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  Speaker 2: you get to a point it doesn't matter that it's
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  Speaker 2: like it doesn't even matter. But until then, when you
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  Speaker 2: first become a millionaire, some of the trappings of success
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  Speaker 2: is the real estate large real estate play. It's luxury
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  Speaker 2: car bsy car done the wrong way right as far
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  Speaker 2: as putting two hundred thousand dollars down or buying a
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  Speaker 2: car to two hundred and fifty thousand dollars outright in
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  Speaker 2: cash because you feel like you have enough money when
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  Speaker 2: that's going to go down and value, and then by
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  Speaker 2: the time you sell it, you're going to get fifty
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  Speaker 2: seventy five thousand dollars back at it, and you just
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  Speaker 2: lost one hundred and fifty thousand dollars for no reason.
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  Speaker 2: Avoiding lifestyle creep yep more important and just continue to invest,
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  Speaker 2: continue to invest in smart investments, and to really really
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  Speaker 2: value and respect the money. You gotta respect money. This
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  Speaker 2: story I told this story on MTUIN and they was
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  Speaker 2: telling us about I llegal didn't go to and illegal
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  Speaker 2: didn't go to the richest black person in the world,
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  Speaker 2: Nigerian tycoon, and they were saying, like, you know, he
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  Speaker 2: was kind of like he had a situation where he
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  Speaker 2: was like buying something that was pretty ministrubal in the
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  Speaker 2: grand scheme of things, a bagel or something like that,
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  Speaker 2: but he was just you know, kind of going over
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  Speaker 2: the bill with the waitress just to make sure that
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  Speaker 2: you know, he was getting charged with the right thing.
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  Speaker 2: And some people might look at it like, well, if
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  Speaker 2: you worth thirty billion dollars, what's what's an extra ten
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  Speaker 2: dollars going to do?
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  Speaker 5: But it's a mindset, and it's a mindset.
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  Speaker 2: Of entertainers that so in one hand, you got extremely
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  Speaker 2: rich people that will look over every line item, everything, everything.
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  Speaker 2: Then you have other people like some entertainers or some
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  Speaker 2: athletes that will just say it's an additional five thousand dollars. Yeah,
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  Speaker 2: I'm not too stressed about it. I'm getting paid fifty thousand.
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  Speaker 2: If I can't, if I can't get the fanom to
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  Speaker 2: pick me up, I'm not going to go to the show.
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  Speaker 2: That type of mindset will leave you broke because you're
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  Speaker 2: not valuing the money because you have money coming in,
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  Speaker 2: so you're not looking at it from a standpoint of
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  Speaker 2: It doesn't really meaning thing till you until it does.
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  Speaker 1: Yeah, I think that's all spot on. I think living
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  Speaker 1: below your means is something I'm doing this first.
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  Speaker 5: I mean, I'm gonna talk personal like hurst made a million?
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  Speaker 5: How do I make too?
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  Speaker 1: Right? Like, how do we double this? How can I
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  Speaker 1: double this? Not how much can I spend?
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  Speaker 5: How much? How do I double this? And what time
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  Speaker 5: frame can I double this?
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  Speaker 1: In the next thing was like, all right, we made
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  Speaker 1: a million, how much of it do we actually keep?
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  Speaker 5: Right, because that's the other part.
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  Speaker 1: Let me figure out how I can make these tax
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  Speaker 1: and centives actually keep a majority.
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  Speaker 5: And then it was all right, let's live below your
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  Speaker 5: means and so make a million.
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  Speaker 1: Look at especially in real estate, having a home like
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  Speaker 1: I had a home, and I'm looking at all, right,
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  Speaker 1: my income is gone up?
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  Speaker 5: Do I get the home right away?
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  Speaker 3: No?
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  Speaker 5: Man, like, we wait five years before we brought the home. Right,
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  Speaker 5: I'm still living in the home that I started the
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  Speaker 5: show in.
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  Speaker 3: Right.
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  Speaker 1: And so when I started doing the calculations, I'm like,
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  Speaker 1: I remember watching somebody break down like how much your
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  Speaker 1: monthly disposed with income to to go to your living
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  Speaker 1: and it was like, oh, thirty percent.
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  Speaker 5: I'm like, nah, I got to have that tempta, you
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  Speaker 5: know what I mean?
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  Speaker 1: So made a million dollars and my mortgage with street
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  Speaker 1: thousand un less than almost like one percent of that income.
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  Speaker 1: I'm like, okay, perfect, I don't need to have a home.
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  Speaker 1: How can we get cars? But we can do it
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  Speaker 1: in a strategic way that makes sense that it can
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  Speaker 1: be at tax right off.
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  Speaker 5: So now we do that.
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  Speaker 1: Now it's just a clear road to saying, all right,
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  Speaker 1: I've knocked down all those barriers. How do we get
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  Speaker 1: to t right? What do we have to invest in?
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  Speaker 1: What moves do we have to make? How can we
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  Speaker 1: strategically align ourselves and partnerships that can get us to
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  Speaker 1: and so on to get to the two. It's like
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  Speaker 1: all right, well, how we get the full It was
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  Speaker 1: the same idea that I had when I was working,
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  Speaker 1: saying all right, this is what I need to stop working.
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  Speaker 5: This is what I need to do to stop working.
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  Speaker 5: Let's have my wife stop working.
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  Speaker 1: And so always having that plan and being disciplined, like
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  Speaker 1: you said, respecting money, being disciplined with money, but also
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  Speaker 1: being super vigilant with money. You watch this like in
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  Speaker 1: the world we live in, right, especially in this world
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  Speaker 1: and definitely during that pandemic era.
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  Speaker 5: You see, if I'm going on, you're being.
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  Speaker 1: Mindful of how money is being respected, how it is
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  Speaker 1: being spent, how.
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  Speaker 5: It is being abused, and you're also watching people no.
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  Speaker 1: Longer have it, and so like that becomes like the
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  Speaker 1: catalyst to say, all right, now we got to be
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  Speaker 1: even more stringent what it because like this, that's a
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  Speaker 1: telltale sign. That sign wasn't put into your life for
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  Speaker 1: you to just ignore it. Take heed to it, learn
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  Speaker 1: from it, and figure out how not to make those mistakes.
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  Speaker 4: Great question from this, brother, and I appreciate you asking it.
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  Speaker 4: Number one what I was told, no lifestyle cleep until
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  Speaker 4: you get to your first eleven one is good. Your
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  Speaker 4: nose is above financial water, no lifestyle creeping til you
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  Speaker 4: get and that's the thing that I lived. And even
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  Speaker 4: after you get to eleven, you can argue to minimize lifestyle.
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  Speaker 4: In number two, invest in things that increase your happiness index,
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  Speaker 4: the thing that people don't tell you, like after you
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  Speaker 4: hit these monumental numbers, the high of hitting them goes
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  Speaker 4: away relatively fast. The person who you became on that
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  Speaker 4: journey is more important. And I used to hear that, like,
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  Speaker 4: just give me a millionaire, but you will hit this goal.
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  Speaker 4: And now there's a level of emptiness because now you
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  Speaker 4: realize I just got to the first.
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  Speaker 5: Level of the mountain.
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  Speaker 3: It's a lot more to climb up. Third, be debt free.
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  Speaker 4: I know a lot of people are going to tell
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  Speaker 4: you some debt is good, and there's no better feeling
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  Speaker 4: than owing nobody, no institutions, no banks, no people, nothing.
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  Speaker 3: Being free and clear is the way to go. And
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  Speaker 3: then lastly, you have to put.
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  Speaker 4: Your money into assets that have zero probability of going
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  Speaker 4: to zero. If ten years ago I told you bonds
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  Speaker 4: were not a good investment, you would have thought I
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  Speaker 4: was an absolute psycho. Here we are half decade of
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  Speaker 4: bonds being underwater. So look for the investments that won't
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  Speaker 4: go to zero and that will give you a great
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  Speaker 4: return on investment that will allow you to sleep well.
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  Speaker 4: That's why when I tell you guys, if you're asking
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  Speaker 4: me every week about a particular company, is it overweighted DA,
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  Speaker 4: you are investing either at the wrong price or the
• 9:16
  Speaker 4: stocks too volatile. And if you do those five or
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  Speaker 4: six things in combination, you'll be great in the NBA. Okay,
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  Speaker 4: but no lifestyle could till you get to your first eleven.
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  Speaker 2: Yeah, I mean, just don't do anything stupid too, But
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  Speaker 2: sometimes that's that is the golden rule. Invest your money
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  Speaker 2: in stocks long term. Like you said, good companies, avoid
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  Speaker 2: large purchases. Don't buy jewelry. That's another thing that you
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  Speaker 2: think you might be doing something that's intelligent, like a house,
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  Speaker 2: but watch is not going.
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  Speaker 5: Up in value.
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  Speaker 2: Nine ten that they told to you diamonds that are
• 9:52
  Speaker 2: in shamboos right when fucking these countries brought to beers
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  Speaker 2: a moment when diamonds is about to be worthless.
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  Speaker 1: Mm hmm all time. I just crazy said that. I
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  Speaker 1: just looked at a chart of the value of diamonds
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  Speaker 1: that at all time, all.
• 10:09
  Speaker 2: Time low because lap dim i was talking on Eric
• 10:14
  Speaker 2: he said, and he was he was asking him about
• 10:16
  Speaker 2: and he's like, yeah, not a lab Domonty showing me
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  Speaker 2: lab Dimond. He's like, yeah, look at the diamond, Like
• 10:21
  Speaker 2: you know they do the diamond test. Yeah, di'mond test
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  Speaker 2: on the lap. Dimond comes back as a record as
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  Speaker 2: a real diamond different. So why would I pay for
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  Speaker 2: something that I could actually manufacture and it's the real thing.
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  Speaker 2: It's not even it doesn't even it passed the test.
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  Speaker 2: Diamonds is dead And like I said, it's crazy. It's
• 10:39
  Speaker 2: it's an extremely unfortunate situation because like they just one
• 10:44
  Speaker 2: of my gods shot the album. He actually sent me
• 10:46
  Speaker 2: that yesterday and they was like, man, this is this
• 10:48
  Speaker 2: is dope, Like you know what I'm saying, Like we
• 10:50
  Speaker 2: finally we got one as far as on on Africa
• 10:53
  Speaker 2: because in Gola in Botswana teamed up and they form
• 11:00
  Speaker 2: the partnership to buy through the beers I think, and
• 11:05
  Speaker 2: I'm like, yeah, it's just interesting that that was the
• 11:08
  Speaker 2: timing of it because diamonds at all time low and
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  Speaker 2: it's probably not eve gonna be worth for same things.
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  Speaker 2: So so it's the reason why they sold the company.
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  Speaker 5: For sure. It was that they were the liquid to
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  Speaker 5: get out.
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  Speaker 4: And I keep saying that when you get money, every
• 11:21
  Speaker 4: company on Earth finds a way to rob you legally,
• 11:26
  Speaker 4: meaning every watch company, diamond company, luxury experience, everyone has
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  Speaker 4: a seventy thousand, eighty thousand, two hundred thousand, like just
• 11:39
  Speaker 4: every watch company. Jacob has his resurgence right it's watch
• 11:43
  Speaker 4: is going for nine hundred thousand that are worth one
• 11:45
  Speaker 4: hundred thousand. You have to be careful and I know
• 11:49
  Speaker 4: they not look fun, but most of the people who
• 11:51
  Speaker 4: are posting on the GRAMD for the gram they're not happy.
• 11:54
  Speaker 3: They they are asset light, liquid light, Be careful.
• 11:59
  Speaker 5: Earn what's up.
• 12:00
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• 12:03
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