Are you looking for powerful secrets to get rich? In today’s video, I’ll share with you what I think are the 15 most powerful secrets to getting rich. Frank Thomas here from Wealth Generation Strategies and today we’re going to be talking about secrets you can employ to get rich and they’re powerful secrets. I’m not kidding about that.
Got a lot to go through here because I got 15 of them for you. So let’s get started. Right off the kick, I think this is the most powerful secret and that everything, I mean everything counts.
If you employ this strategy and secret into your life and consider that everything counts. Now when I say that everything counts, I’m talking about from a financial aspect. Do you pay extra? Do you indiscretionately spend? Do you not save? Everything counts and at the end of the day, you’re going to notice it very, very substantially.
And let me give you an example. I was not able to save anything just over three years ago. I mean I couldn’t save 100 bucks a month and I was not making a little amount.
I was making a pretty substantial paycheck but I had made so many financial mistakes that everything counted against me and not for me. So one of the very first things that I did was I went through all my expenses and made sure that I only paid what I had to pay. I got rid of superficial expenses that didn’t matter.
Next, I went and looked at everything, how much I was making and I tried everything possible to increase how much I made. And then finally, I watched my spending day to day to day and I avoided indiscretion and spending at all costs. Now we all still spend indiscretionately.
One thing that I did do was I took my fund money out as cash every month and I started doing that three years ago. And I have found that everything counts and I went from not saving a dime to saving at least $2,000 a month. So trust me on this one.
Secret number one, everything counts. You want to get rich, you got to think about everything. Number two, learn to pay yourself first.
This is a little more specific but you have to learn to pay yourself first. Again, this was something I was paying myself last. Whatever I had left over at the end of the month, uh-uh, doesn’t work.
If you want to get rich, you got to learn to pay yourself first. You got to become an expense on your expense sheet and you got to be right up there with paying the tax man. Why pay the tax man but you don’t pay yourself? You could say, well hey Frank, I got a paycheck, I got all this money.
No, you’re just holding on to it for a few weeks. That’s it. So learn to pay yourself first and hold on to it for a lifetime.
Number three, and it fits really well with learn to pay yourself and that is don’t rob from your future self. Your future self. What are you talking about Frank? Are you getting all weird on me? No, not in the slightest least.
What I’m talking about is, if you’re able to save a dollar today or spend a dollar today, if you save a dollar today and you’re making 10% interest in seven years, it becomes two dollars. So for your future self, it’s actually worth two dollars. If you go 14 years, it’s worth four dollars.
So don’t rob from your future self. Always think, could I buy this today or could I just, I don’t really need it, it’s just something I want and I don’t buy it and I decide not to rob from my future self. So learn to not rob from your future self.
In the same breath, I’ll say that you know, there’s times you got to spend money to save money. So you have to weigh that one out and it comes back to everything counts. So take a look at that.
Let’s get on to point number four and point number four fits with point number three really, really well. This secret is never sacrifice quality for cost. Let me give you an example.
I recently purchased a tool that I needed and to save a few bucks, I bought an inferior tool. Well, needless to say, the tool never worked properly and I ended up going out and spending extra money. So I ended up spending more to get the more costly tool and I don’t have that tool for the rest of my life and it’s something I know that I’ll use over and over again.
So never sacrifice quality for cost. This is an important secret. If you, and also too, it gives you the satisfaction that you’re actually able to go and do something and buy something for yourself that you know you’re going to enjoy for a lifetime.
So never sacrifice quality for cost. Number five, choose your expenses. We’re always back to that everything counts.
Choose your expenses. Now what I mean by this secret is decide what your expenses should be and should not be. Challenge every single expense.
If you have subscriptions you’re not using, you need to dump them. If you have an expenses that you think are hard expenses you just can’t get rid of, I would say challenge them. My house insurance was getting outrageously expensive so I challenged it.
I went to an insurance broker and I discovered I could pay at least half or pretty close to half what I was paying with this other insurance broker and it meant I saved a couple hundred bucks a month. So choose your expenses. This is also right in the realm of indiscretionate spending.
If you just go and you kind of spend with your credit card or your debit card, what’s going to happen is you’re going to run out of money and nothing’s going to matter and you’re never going to be rich. So learn to choose your expenses. Secret number six, prepare for emergencies.
Wow, this is super important. I always say you need to have an emergency fund and this is where it comes in. Preparing for emergencies could be as something as little as putting a thousand dollars away for that drop dead emergency.
Like you know you have something break and you have to replace it. I had to replace a stove. Cost more than a thousand bucks but I had the money there in the emergency fund and I recommend if you’re going to save your very first thing you’re going to save is your thousand dollars for emergencies.
Eventually you’re going to want to add more. Right now in my budget I save three hundred dollars a month and it goes to emergencies. It doesn’t go to long-term savings.
It doesn’t go to woohoo new toys. It goes to emergencies and my idea is I like to have at least a month of money in that account just in case I’m out of work or something goes wrong or I’ve got to cover an expense and it’s happened. I’ve had to cover expenses.
I had a six month emergency and I had six months in my emergency account. I didn’t want to spend it but it happened and it was there and that’s what it’s there for. So that’s what happened.
Get your emergency fund put together and the idea behind the emergency fund is of course you’re covering emergencies and you’re not using credit cards and that goes jumps right into point number seven but before we hit point number seven hey be sure
Number seven avoid bad debt at all costs.
This is right up there with using your credit card that has high interest payday loans oh my shattered nerves payday loans the worst thing you could ever get yourself into. I at one time when I was a younger man had ran a little short so I went and got one of these payday loans. I borrowed a couple hundred bucks and I paid about a 10 percent premium for that money to use it for a week.
Wow I would love to get 10 a week on any investment. Needless to say I fell into a trap because when payday came the money came out immediately to pay that payday loan and I was short again. Now what could happen is I could go back to the payday loan place and get another one but I was like I don’t want to pay this 10 premium at least I was smart enough then to go wow this is stupid and I hope you are because it is stupid.
I’m sorry guys but and girls it is stupid. Payday loans are highway robbery so avoid bad debt at all costs and I was smart enough just to wrap up that story to not get another one and I just suffered so I knew I had to suffer one time or another I just delayed the suffering. Number eight continue to improve your knowledge and this applies to all areas of your life.
You have to know the numbers you got to get good with numbers. Well Frank I’m not really good with numbers I’m not good at this I’m not good at that. Well get good at it there’s no excuse you’re a smart person get good at it.
I can tell you that from the investment point of view I was only getting two or three points maybe five percent on my dividends when I first started investing. Now I’m over 10 percent so I’ve gotten better at my investing but that doesn’t end there. Get better at your job, become more skilled, get more certifications, look at to see to make sure that you are being paid properly, have that knowledge too.
Sometimes you got to change jobs to get paid properly. People are so grossly underpaid they could be working for a great company but they’re not making what they should be making in today’s economy. So it continuously improve your knowledge it will pay you back in spades and I promise you that.
Number nine invest in what you know and trust. Oh this is a big one. Don’t invest into what you don’t know do not even if it’s you somebody says to you oh this is a great investment.
I got told about an investment a land deal investment this is a great investment it’s a sure investment yada yada yada. Well I learned that the stinking deal is only as good as the paper it’s written on and worth that much too. At the end of the day I lost my shirt on that investment.
I lost a lot of money on that investment and because I didn’t know the investment. I didn’t know how to research it. I didn’t know how to know that it was a good investment.
So always know and trust what you invest into. So that’s one of the reasons why I invest into the stock market. Well Frank the stock market’s pretty spooky.
Well yes and no. Do you drink coke? Maybe maybe not. Bubbly whatever.
Do you drink Pepsi? Why don’t you invest into coke or Pepsi Cola? They’re great investments and you know them and you trust them. Do you use toothpaste? Well it’s probably made by Procter & Gamble. Do you use adhesives or tapes? It’s made by 3M.
Are you going to get stunning and crazy returns? Maybe maybe not. But you’re investing into something that you know and you already trust and you know it’s not going to disappear tomorrow and that’s the big thing. You don’t want this thing to roll up and drive away with your money.
So always invest in what you know and trust. Number 10. Avoid losing money.
Yeah I’m stealing this one from the big players but it’s a good one. Avoid losing money at all costs. You want to retain your capital that you’ve hard-earned at all costs.
Now sometimes that means leaving a losing position. You’ve made a bad decision. Get out of it.
Don’t wait. I used to watch a losing position do this. Until it was worthless.
Thinking oh you know hoping hoping. Let me tell you something. Hoping when it comes to investing is worthless.
If you’re in a losing position get out of it. I was in a losing position on an ETF that I invested into and I when I invested into it I was like well it seems a little too good to be true and that might be the bonus one. If it’s too good to be true it probably is not true.
So there’s your bonus tip. But avoid losing money at all costs and sometimes that means closing out a losing position or avoiding investing into something because you don’t know the investment. You don’t trust the investment and you’re not sure about it and you could lose money on it.
So avoid losing money at all costs. Number 11. Unlock the power of giving.
I had somebody approach me a number of years ago and said Frank if you want to get out of debt and if you want to become rich learn to give your way out of debt. And I went learn to give your way out of debt. What are you talking? Are you on crack? Learn to give your way out of debt.
I don’t get it. I do now. We routinely give at least 10% of everything we earn to charity and I have noticed that it has unlocked the doors to wealth for me.
If there is one thing that I think is really powerful is this point. Number 11. Unlock the power of giving.
There was one time that I wanted to earn more. So I challenged and I started giving like I earned this new salary that I wanted to get and it was not a little amount. It was about 20 or 30 percent more.
I wanted to make that extra money and I gave it for three months and all of a sudden boom. I had a change of job happen out of the blue. It wasn’t like I was hoping for it or thought it was on the radar but it happened then all of a sudden I was earning that extra 20 or 30 percent.
So I was able to give a 10. I was still giving a 10% at that rate and I was like wow this is powerful and I won’t lie I’ve done it a few times. So unlock the power of giving.
Number 12. Learn how to teach. People don’t get this one and I don’t know why but if you learn how to teach somebody else what you know you get better at what you know.
I have a saying if you do the course and you’ve you pass the course you’re maybe 50 or 60 percent knowledgeable on that topic and that’s about it even if you get 100 percent. Now if you go start doing that skill you become about 80 percent knowledgeable but if you want to get 100 percent knowledgeable start teaching it because students are ruthless. Let me tell you even in this channel I’ve had to really bone up my financial skills to teach you guys about financial strategies.
So learn how to teach and it could be what you do at your job, it could be a number of things. I had a student come to me who wanted to learn how to program and that’s what I do for a living, I program. So I sat down and started teaching him and I started teaching him in the fundamentals of a very simple concept and I end up learning things about that concept that I never knew and I’ve been using it for years without really understanding it.
So learn how to teach it will make you richer. Hey you still with me? I hope you are. If you are and you’re really enjoying this video and you haven’t given it a like yet give it a like man just take a second hit that like and subscribe because I drop at least one video every week and I talk about all things about wealth building.
We’re down to the last three. Number 13 is a bit of a tough cookie to digest and it’s learn to master the art of selling. If you want to be very financially successful, I’m not saying go sell used cars that’s not what I’m saying, could be what you do but that’s fine.
But learn the art of selling and if you don’t believe that you should be selling all the time then that’s why you’re not making what you should be making. I sell all the time. I recently sat down and I sold a concept to a company and I said you know you really need to jump on this because here is the the benefit to your company and why you want to do this and they’re going to do it now.
Master the art of selling. Number 14 build multiple streams of income. If you want to get rich boy this is number 14 is the the the big enchilada.
Build multiple streams of income and you don’t have to build lofty streams of income you just have to build extra stream streams of income other than trading your time for money and a job. For example your financial account where you’re investing becomes a stream of income because eventually it’s going to start earning you thousands of dollars every month as mine is. So I don’t use it as a stream of income yet I’m just letting it build up but it will become a multiple stream of income for me in the future and I have multiple stocks all different streams of income.
Another way to do it is to build a secondary business. I’m right now looking at a few part-time businesses I could run on the side and also I’m looking to write some software to because I’m a software developer why not I’ve done it in the past and I’ve made a lot of money creating multiple streams of income. So if you want to get rich this is the one.
In one year there’s no reason why you can’t become a millionaire when the one to two years tops and I’m dead serious. If you get serious about this and start building product after product and allow them to become multiple streams of income in your life you will become rich. And number 15 and I actually think this is the most important point.
Always start with the end in mind and this one is for you folks who are still with me. Always start with the end in mind. Very important.
If you don’t know where you’re going you’re going to get there whether you want to be there or not. Did you get that? I know it’s a little weird but you will get there. So know where you want to be.
I know where I want to be when I hit 65 financially physically relationship wise etc. So I plan for that today because I started with that end in mind and I’m going to get there and I think I’m going to get there faster than I ever believed. I put a road map in there that was realistic and I think I’m going to do it in half the time.
So truly always start with the end in mind. And there I feel are the top 15 powerful secrets to getting rich. But don’t run away just yet.
Add comment