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Transcript

7 Steps to Become Rich - Masterminds Podcast EP12 · Masterminds Podcast

• 0:00
  SPEAKER_00: Everyone wants to be rich, but nobody's showing you how.
• 0:04
  SPEAKER_00: Today let's discuss the seven steps to becoming rich.
• 0:08
  SPEAKER_00: If you're watching this video, it means you are ready, like I was a while back, to learn how to become rich.
• 0:16
  SPEAKER_00: The right things to do, the things to stop doing, and grow your wealth.
• 0:22
  SPEAKER_00: The first step is define your rich life.
• 0:26
  SPEAKER_00: Yes, you want to be rich, but what does that look like to you?
• 0:29
  SPEAKER_00: What does that mean to you?
• 0:31
  SPEAKER_00: Because everybody's idea of rich is different.
• 0:34
  SPEAKER_00: Somebody's idea is they want to be able to eat expensive meals every day.
• 0:39
  SPEAKER_00: Someone wants to fly all around the world, go on vacation every three months.
• 0:44
  SPEAKER_00: Somebody wants to buy the flashiest car.
• 0:47
  SPEAKER_00: Define your rich life and don't just think it as an abstract concept.
• 0:51
  SPEAKER_00: Write down the kind of place you want to live at.
• 0:54
  SPEAKER_00: Write down the kind of car you want to drive.
• 0:56
  SPEAKER_00: Write down how you want your family to live, the school you want your kids to go to.
• 1:01
  SPEAKER_00: Actually design your rich life so that you know what you are working towards.
• 1:05
  SPEAKER_00: That's the first step to becoming rich.
• 1:07
  SPEAKER_00: The second step to becoming rich is tracking your budget and your expenses.
• 1:12
  SPEAKER_00: You need to put focus on what you are doing financially.
• 1:16
  SPEAKER_00: That's the way you learn from your financial spending habits, and you're able to grow it by budgeting to do the right thing.
• 1:23
  SPEAKER_00: Anyone who doesn't focus or pay attention to their spending habits is doomed to repeat the same mistakes over and over again and never become rich.
• 1:33
  SPEAKER_00: I know it feels difficult, but budgeting and tracking is very simple.
• 1:37
  SPEAKER_00: Download an app, look for an XLC that just creates a personal tracker and just input your data every single day and watch your habits start to change.
• 1:46
  SPEAKER_00: The third step is to build your peace of mind fund.
• 1:50
  SPEAKER_00: Now I learned this from Nisha.
• 1:51
  SPEAKER_00: It's a kind of emergency fund where you put down one month of expenses, one month of essential expenses so that you know anything that happens, you have something to fall back on.
• 2:03
  SPEAKER_00: Because before you start to invest, before you start to grow your money, you need to make sure you are secure in life.
• 2:09
  SPEAKER_00: So this is an extra one month of essential expenses.
• 2:13
  SPEAKER_00: So by this time you've done your budgeting, you know you're spending$2,000 a month,$5,000 a month,$10,000 a month, whatever that amount is, put it away in a saving emergency fund.
• 2:25
  SPEAKER_00: Step four is to get out of debt.
• 2:28
  SPEAKER_00: Everybody is trying to ignore their debt.
• 2:30
  SPEAKER_00: You took that loan, whether it's from a bank or it's from a you know Quick Loan or whatever it is, and now you're trying to swerve it.
• 2:37
  SPEAKER_00: I know so many people will say, oh, don't send me Momo to this account because I owe a loan.
• 2:43
  SPEAKER_00: You have to get out of debt.
• 2:44
  SPEAKER_00: You can't grow your money if you are in debt to other people.
• 2:48
  SPEAKER_00: Because what happens is every time you make money, it is going to pay interest on the loans that you took.
• 2:55
  SPEAKER_00: So once you're able to put together your peace of mind fund, all the money that is now coming in, you need to push some aside to get out of debt completely.
• 3:05
  SPEAKER_00: That's when you really have peace of mind.
• 3:08
  SPEAKER_00: Now let's go to the fifth step.
• 3:09
  SPEAKER_00: By this time, you've designed your life, you've started budgeting, you have your peace of mind fund which is there, and you've gotten out of debt.
• 3:17
  SPEAKER_00: So you are now debt-free.
• 3:19
  SPEAKER_00: Even psychologically, you even start to feel rich now.
• 3:22
  SPEAKER_00: But let's take it one step further to feel more prepared to become truly rich.
• 3:28
  SPEAKER_00: You are going to multiply your peace of mind fund.
• 3:32
  SPEAKER_00: You're going to create an emergency fund which will keep you three to six months of expenses safe.
• 3:40
  SPEAKER_00: So that you know that whatever happens, if any disaster comes right now, if they say lockdown, anything is happening again, for three to six months, you are in the clear.
• 3:52
  SPEAKER_00: There's a psychological freedom that you have when you know this money is stored away.
• 3:57
  SPEAKER_00: So you know nothing can affect you.
• 4:00
  SPEAKER_00: Desperation leaves.
• 4:02
  SPEAKER_00: You start to work with more confidence because you know that there's nothing anyone can do to you.
• 4:08
  SPEAKER_00: You will be safe for three to six months, which gives you the peace of mind to create, innovate, and become someone who attracts wealth.
• 4:18
  SPEAKER_00: Now, after you've gone through these five steps, it's time to build wealth.
• 4:24
  SPEAKER_00: We talk about invest, invest, invest.
• 4:26
  SPEAKER_00: But how do you invest?
• 4:28
  SPEAKER_00: The sixth step is safe investment because you are new to the game of investment.
• 4:34
  SPEAKER_00: You don't want to just jump in and start investing in risky things that can make you lose the wealth that you have started to build.
• 4:41
  SPEAKER_00: So in investing, you start with the safe investments first, which are like treasury bills, index funds.
• 4:48
  SPEAKER_00: As when I say index funds, I mean stocks.
• 4:50
  SPEAKER_00: You know, everybody talks about the stock exchange and enter the stock market.
• 4:54
  SPEAKER_00: But your first entry into stock market should be index funds.
• 4:58
  SPEAKER_00: By investing in these safe options, you make sure that your money is secure.
• 5:03
  SPEAKER_00: Even though their growth is not as fast as the risky options, it keeps it safe, knowing that it's going to be a gradual process.
• 5:10
  SPEAKER_00: Compound interest is going to grow your money and nothing can happen to it.
• 5:16
  SPEAKER_00: So when you're going to start investing, please don't listen to anybody and jump into a risky scheme and I can double your money for you in three months.
• 5:25
  SPEAKER_00: And it doesn't work that way.
• 5:26
  SPEAKER_00: Start with the safe investments.
• 5:29
  SPEAKER_00: You can research on other safe investments, but make sure whoever you're investing with is credible and at least you will never lose your capital.
• 5:39
  SPEAKER_00: Then the seventh step to truly become rich is building businesses.
• 5:45
  SPEAKER_00: So with everything I've mentioned before, there's a limit to how much you can make.
• 5:50
  SPEAKER_00: For instance, there's a limit to how much you can save.
• 5:53
  SPEAKER_00: There's a limit to how much you can make when you're doing just safe investments.
• 5:57
  SPEAKER_00: But when it comes to building businesses, you can grow from a profit margin of 10% to a profit margin of 90% within six months.
• 6:07
  SPEAKER_00: But to get to this final step, you need to have acquired the knowledge.
• 6:12
  SPEAKER_00: You need to have acquired the skills to build businesses.
• 6:17
  SPEAKER_00: Research, learn about the businesses that work in your terrain.
• 6:21
  SPEAKER_00: And I don't just mean in your country, I mean in your terrain.
• 6:24
  SPEAKER_00: Because you watch a lot of videos that talk about if you want to make money, do real estate.
• 6:29
  SPEAKER_00: Does real estate work in your city?
• 6:31
  SPEAKER_00: Are people actually renting there?
• 6:33
  SPEAKER_00: Are people buying houses there?
• 6:35
  SPEAKER_00: Or are you just watching a social media influencer tell you to go and put all your money in something that will lock it away?
• 6:41
  SPEAKER_00: Research, do underground research.
• 6:43
  SPEAKER_00: What works here?
• 6:44
  SPEAKER_00: Maybe over here, everybody buys buffruit.
• 6:46
  SPEAKER_00: Open a buffruit business.
• 6:48
  SPEAKER_00: Learn how to run a business because your mind is one of your biggest investments.
• 6:53
  SPEAKER_00: So learn how to do a spreadsheet, learn how to do a business a business plan.
• 6:58
  SPEAKER_00: Learn how to hire consultants, learn how to work with the right people, learn how to do a marketing plan to grow your business.
• 7:06
  SPEAKER_00: But ultimately, if you want to build extreme wealth and become rich, it ends at building businesses that work for you as you sleep.
• 7:16
  SPEAKER_00: So that now your money makes you money.
• 7:19
  SPEAKER_00: Follow these seven steps and you will become rich and wealthy.
• 7:24
  SPEAKER_00: As always, my plan is to help you become a mastermind.
• 7:28
  SPEAKER_00: So every day, learn, grow, read, activate, and take action.
• 7:33
  SPEAKER_00: Don't just watch this video and go sit down and say, Now I know the seven steps to become rich.
• 7:39
  SPEAKER_00: No, take action today.