Latest / Money Grows on Trees / #222 - 13 Minutes Of Terrible TikTok Financial Advice!

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#222 - 13 Minutes Of Terrible TikTok Financial Advice! · Money Grows on Trees

• 0:02
  Well, if you don't go to school, you wouldn't know how to read, write, or
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  People spend $25,000 to $50,000 on their kids every
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  year. Never have kids? What? Dad, so you make $10 million
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  That means you pay about $3.3 million in taxes every
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  year. Do I look like I have stupid written across my head? I pay
• 0:23
  Wow. You'll never get rich in your 20s unless you do these five things
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  I'm sure you can get rich in your 20s if you don't do
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  some of this stuff because I'm Lloyd James Ross, seven-figure investor and
• 0:36
  entrepreneur, and I've helped thousands of business owners and professionals turn
• 0:39
  financial stress into success. If you're stuck in old money
• 0:42
  habits, overwhelmed by investing, or unsure where to start, this
• 0:46
  is for you. I'll give you the mindset and strategies to take control,
• 0:50
  grow your wealth, and achieve financial freedom. It's time to
• 0:53
  make your money work for you. All right, now my favorite part of
• 0:56
  the studio session is Reactions! Let's see what we've got
• 1:02
  If you want to be rich and happy, don't go to school. Because
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  Well, if you don't go to school, you wouldn't know how to read, write, or
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  add up. In which case, you'd be in a lot of trouble. So you've got to go to school
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  for a bit. But what he's trying to say is, don't think you're going
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  to learn how to get rich at school. And the biggest one is they punish you for
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  making mistakes. That's very true. You actually, it's right or wrong
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  at school. But in the real world, it's not right or wrong. To actually make money, you've
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  got to break the rules. So they do teach you not to make mistakes. But
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  You can't ride a bicycle without falling off. That's right. But
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  if a kid went to school to learn how to walk a baby, he'd never
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  walk because they'd punish him. Oh, he fell. Bad boy. Bad kid.
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  They definitely instill in you this desire not to break rules and
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  not to fail, which just prevents you from trying. And you see
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  this a lot in entrepreneurship when people go and do things, they just like, they
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  don't want to do it because they suffer from perfectionism. And it comes from school.
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  Do you enjoy school? Why the fuck are you doing something you don't enjoy? Are
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  you an idiot? No. Okay. Do you like school? No, I don't. Okay. Then why
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  Yeah, you know what? I think what he means by school is college or university. You
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  can't not go to school, but after you finish school, if you
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  go to university or college, you don't know why you're there, you probably shouldn't be there. Like,
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  especially now, like with YouTube and course content online,
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  it's completely changed how things are done. So if you want to get into business, you
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  shouldn't be in college or university. I agree with that.
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  And the thing that you choose that you don't like is the thing that's not making you
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  Sometimes you got to do things you don't like to make money. So it's not always true. Like
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  But it's a lot better than fucking having to sit down and listen to a professor. I'll
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  Professors are so boring. If you go to university to learn how to make money for
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  a professor, you're in the wrong place because they don't know how to make money. They don't know how to teach, right? Their
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  gift is not making money. So, of course, if you want to make money, uni is probably not
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  the place for it, unless you want to get into a profession. Bias
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  as a man, don't do things you don't enjoy to do. I disagree
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  because you've got to do things you don't enjoy to find the things you're good at.
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  And not all things are joyful. Like even
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  in a business, you eventually get there, but that's not
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  Yeah, I agree with that. Be careful you don't go to university on a fantasy. Because some people
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  think they wanna be a dietician or whatever, and they go to university for four years, and then,
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  So go and work in the line of work you want to work in first, and then go to
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  university. In fact, I think it would be better if people worked for two, three, four,
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  five years before they went to university, because then you really know what
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  you want to do. But go and work in the line of work before you do
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  I'm 25 years old. I'm getting money from my father who
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  recently passed away. It's going to be over $200,000. I'm not the
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  best in money management. I've heard the saying, it takes money
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  to make money. Should I invest this money into a business? Should
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  I save this money? What should I do if I want to become a millionaire by
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  Well, the biggest thing here is he's put a self-imposing rule to
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  say that, what if I want to be a millionaire in my 30s? So instantly, he
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  obviously is not 30. He doesn't sound far off. So he's automatically put
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  some constraints on his whole money situation. So if
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  you do that, like if he's 200K inheriting, he's like, I want to
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  be a millionaire by 30. Like, he could lose all that money because he's in
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  How long ago did your dad pass away, Nathan? He
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  We were pretty close. He had dementia and Alzheimer's, so I
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  didn't see him too often because he was in
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  an assisted living facility. Sure. And I
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  lived across the country, so he was in Arizona with my sisters, and then I
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  It's not a piece of property or something else, it's just... So what has
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  happened is he's getting an inheritance, so he's getting the sword, but
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  he has not learned how to wield it. And most people wish for the sword,
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  but not for the power to wield it. So what Dave is saying is, you're
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  about to get keys to a car and you don't know how to drive. And
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  so he's asking these questions to get some advice, but he should be educating himself
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  by doing courses, reading books before he deploys this, because
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  yeah, very few opportunities arise like that, but this is what happens when
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  people get inheritance, they just get cooked. So I'm sure
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  Never have kids. People spend 25 to 50K on
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  As a man, you never have kids. What? I
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  mean, he's saying that because he's super young. That'll change as he gets older. You should only take
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  care of yourself. Kids are liabilities. They take money- This is
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  satire though. He's just getting views here. He's pretty funny. From your pocket instead
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  of putting money back into- He's saying that kids take money from your pocket and
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  they don't put money back in your pocket. Ow ow! That's not true. I've
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  put a lot of money in my dad's pocket because he invested in
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  me and I ended up back investing in him when I got older in business together. And
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  without a doubt, he's made money from that as well. So your kids are
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  Kids are totally one of the worst investments you can make in
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  He's just taking them. He's not serious. Don't believe him.
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  And if he is, he's going to change his mind when he grows up another 10 years because
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  If you're not going to have kids, what's the point in the whole thing? Like what's the
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  point in having money, right? That's what I think. Just quickly, if you're ready
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  to take control of your finances but feel stuck on where to start, I
• 6:53
  have a solution. My book, Money Bias Happiness, simplifies
• 6:57
  investing and wealth building with practical steps to help you achieve financial
• 7:01
  peace. Get your copy via the link in the show notes and let's get your
• 7:07
  Here we go. Pay zero taxes. Let's have a look. Dad, so you make $10 million a
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  That means you pay about $3.3 million in taxes every
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  year. Do I look like I have stupid written across my head? I pay
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  zero taxes. How? First, I don't spend my money personally.
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  I let my business pay for things legally. Travel? Business
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  Wow. Not every meal is a business expense. Not every travel
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  he might go. Maybe the travel thing because he can craft it that way. But if
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  he's doing groceries, that's a personal expense. You got to be a little bit careful you don't
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  get in trouble. Luxury car, a tax deductible business.
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  If you buy the car in the business name for business purposes, yes.
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  But you got to be careful because if you use it for personal and you're claiming it, you can
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  That means before the government takes a penny, I'm reducing my
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  taxable income. Second, instead of taking paychecks like
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  a regular employee, I leverage business assets for
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  Yeah, so this is what a lot of the multi billionaires do. They'll actually leverage, they'll
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  take a borrowing against the business for their personal expenditure
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  and it's a tax deduction. It's not as easy to do that in Australia. because
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  banks don't openly lend against businesses' assets like
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  Third, instead of selling investments, you use
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  Yeah, so what he's talking about here is if you've got a property that's grown in value, you
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  don't sell it to realize the equity, you just borrow against the equity
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  through the bank to get the next one. So that's absolutely true. This is how you compound wealth.
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  You need to be very careful you don't bite off more than you can chew with too much leverage as
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  You'll never get rich in your 20s unless you do these 5 things as
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  soon as you turn 18. Firstly, create a budget you can stick to by
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  Secondly, save 3-6 months of living expenses and a whole I
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  was in England partying in Terminal's nightclub when
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  I was 20 with no money in my pocket. I didn't do any
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  of this. And I got pretty wealthy in my late twenties. I think I was, I
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  Third, get a credit card and use it for your daily spending to
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  boost your credit score. Fourth, open a tax advantage account and
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  invest $150 per month into the S&P 500. Oh,
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  into the S&P even tells you which fund. Amazing. Fifth, invest
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  I agree with everything he said. If you can figure that stuff out at 18, unlike
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  me, good for you. You're a very responsible person. But tell you what,
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  I didn't really get serious about money until my mid-twenties. So if you can take this
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  Trump is crashing the stock market by 20% this month.
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  He's not really doing it on purpose. He doesn't care. He's trying to recover
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  And this is why Warren Buffett just said Trump is making the best economic
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  Yes, because he's actually putting America first. That's
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  what he's doing. He's actually putting the American people first, which the last
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  administration didn't do. I don't know what the last administration did, but they were like trying to destroy the
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  country. It's wild. But yes, I agree with that. Warren Buffett's smart and
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  Trump seems to be putting the Americans first, which makes a lot of sense. So yeah,
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  Here's the secret game he's playing. and it could make you rich.
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  So why is he doing this? To push cash into treasuries, which
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  forces the Fed to slash interest rates in May, and those
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  lower rates give the Fed the ability to refinance trillions of
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  Yes, because what he wants to do is he wants to bring down inflation, wants to bring down
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  treasury yields, which is the rate at which bonds are recouping the
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  interest if you lend to the U.S. government. Because if he can do that, the
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  U.S. government can refinance their trillions and trillions of dollars of debt. And
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  he's trying to do that by bringing down costs and government spending in
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  It also weakens the dollar and drops mortgage rates. Now,
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  it's a wild chess move, but it's working. Now you're probably wondering,
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  what about his tariffs? Well, I'll tell you, it's a genius play. It
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  When you have tariffs, it does force the companies in other countries to
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  come and build factories and produce in the United States.
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  So you're getting a huge influx of capital into the United States,
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  which I think is going to be so fruitful for the states. I
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  think Trump's underestimated the intertwining of
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  certain countries, especially China. So the tariffs will have a great effect,
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  but they can also limit his negotiating ability, which we'll find out
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  Don't buy mobile homes. That's not a class warfare thing.
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  It's not anything. It's a simple math thing. They go down
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  in value. When you put your money in things that
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  Why is this hard? So a mobile home is like a car you
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  And so you don't... Well, during COVID, they went up in value, but generally speaking,
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  yes, they go down in value. So I'd agree with that. Use it for a period of time, then sell
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  it before it depreciates too far. But you shouldn't be buying it as a house unless
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  And so you don't go buy a $55,000 mobile home and
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  then look up 10 years later and it's worth $10,000 and
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  Yeah. So my mom went around Australia in a mobile home like that
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  and she bought it. She did it for a year and sold it fairly quickly. It depreciated enough, but
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  it was cheaper than renting. So in that case you do it, you wouldn't want to keep it for 10 years.
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  I think do it for a season and get rid of it. You don't want to hold on
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  to something like that or a boat or anything else for long periods of time because it would depreciate so
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  far. You'd be like, you'll lose a lot of money. All right, there's some reactions. I hope you
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  enjoyed those. I happen to concur with most of what they talked about.
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  This is wild. We need some more controversial ones. But thankfully
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  there was no Bitcoin in that because you know how I feel about that. Thanks for listening to Money Grows
• 12:56
  on Trees. If you enjoyed the episode, leave a five-star review on Apple
• 12:59
  Podcasts and Spotify and subscribe to us on
• 13:02
  YouTube so you never miss an episode. And if you're serious about building wealth,
• 13:06
  make sure to check out the links in the show notes and follow me on all
• 13:09
  social media platforms, at LloydJamesRoss for