A lot of people want to become rich; they want to be financially free. However, most people who try will fail, and the majority of them will think they are actually heading in the right direction, that’s the worst.
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1. Treadmill Progress
However: truth is only obvious to those who know
- The truth is, things are only obvious to the people who know
- And the game of money is so complicated and easy at the same time
- That you could be heading down to the poor house and not even know
Here is an example:
- A couple gets married, and they’re renting out an apartment (everyone tell them, they should start to improve their lives, so they do )
- They buy a new car, they buy a new house and they get a few nice on their credit cards
- To the people that come to their new homes it looks like these people are doing a lot better than they used to
Truth is: it’s a Treadmill progress
- They haven’t moved anywhere, if anything things have gotten worth
- When they were renting they had cash
- All they have now is debt
2. Misrepresentation of Risk
- I’ve spoken to criminals before they they caught
- I’ve explained the law of risk and reward
- Somethings are not worth the reward when the risk is so high
However: it may seem obvious to me from the outside, but from the inside its different
- People think, that they haven’t gotten caught yet
- So they can continue and some people never get caught
- That was the attitude of someone that I use to know, his no longer with us ( but he thought all the way till end , that things would be just find )
- This is cruise but it’s the same with money
Here is an example:
A couple is looking to rent a house, and decides to buy instead a multifamily
- The idea is simple, with the rent we get, we can pay the mortgage and live for free
- And 30 years later, we should be good to go
The truth is this: it’s a misrepresentation of risk
- The amount of debt you get into
- They don’t factor in Job Lost
- Tenant vacancies
- Stresses of being a Landlord
- Repairs
- And most importantly time (it is 30 years, a lot can happen in 30 years )
3. Sceptic Effect
- A skeptic is someone who tends to question things
- And questioning things is very important
- Because you should not just believe everything, that would make you gullible
When you realize how easy building wealth is: it always seems to easy
- Here is my approach
- I don’t have debt
- I have 6 months of emergencies
- I invest 10-20% of my income into one investment and look a home a can afford to pay off in 15 years or less with 33% of my net monthly income
- That’s
However people instead of that:
- They want to start businesses
- They want to get into debt
- Invest in a bunch of different things
- And that’s why they usually fail
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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.
11 сен 2024
