5 Ways to Manage Your MONEY Like the RICH
ฝัง
- เผยแพร่เมื่อ 30 ก.ย. 2018
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In this video Ken outlines five key take-aways as to how financially successful people manage their money differently. Specifically he covers:
Q1: What is biggest difference between people who are successful with money and those who are not?
KEY TAKE-AWAY #1:
* The biggest difference is mindset
* Financially successful people direct any excess money towards investments or appreciating assets
Q2: What is the difference in how financially successfully people view assets and liabilities?
KEY TAKE-AWAY #2:
* Focus on building income producing assets
* Debt is a powerful tool and can be viewed positively if used to help build income producing assets more efficiently
* Try to avoid using debt to acquire unnecessary depreciating assets such as expensive cars or clothing
Q3: What are some tax & legal strategies utilized by financial successful people?
KEY TAKE-AWAY #3:
* Use an LLC for asset protection to limit exposure to liability
* LLCs help separate business activity from personal which can have tax benefits - please consult your tax advisor
* The tax code is established to motivate specific economic activity so think of ways to utilize these incentives
* Please check out Tom Wheelwright's tax series, here is the link to the first video: • Top 5 Deductions for E...
Q4: How do financially successful people manage their money differently?
KEY TAKE-AWAY #4:
* Be active in the way money is managed and think about the investments being made
* Use personal networks to source knowledge and expertise for better opportunities and consider investing collectively with others
Q5: How do financially successful people view money, currency, and the dollar?
KEY TAKE-AWAY #5:
* Currencies throughout the world are subject to free floating exchanges between countries which are complicated to understand and are exposed to punishing circumstances
* Direct portions of earnings into investments independent of the impacts of inflation, such as bank savings, and into investments with actual economic utility such as real estate
If you like this video you can see many more just like it at this link: kenmcelroy.com
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For more resources on this topic check out the links below.
How to manage your money like the super-wealthy - CNBC.com
www.cnbc.com/2018/.../how-to-....
Aug 20, 2018 - Even if you aren't raking in millions, you can grow your wealth just by mimicking the financial habits and strategies of the ultra-rich. Here's how.
7 ways to manage your money like a millionaire - INSIDER
www.thisisinsider.com/how-to-...
Jul 16, 2018 - It's true: Wealthy people manage their money differently from the rest of ... Here are some ways you can manage your money like a millionaire ...
How Millionaires Manage Their Money Differently? - Lifehack
www.lifehack.org/.../money/ho....
If you want to be wealthy, you have to manage your money like millionaires do. There are 10 ways the wealthy manage their money differently than everyone ...
15 Ways Millionaires Manage Their Money That Make Them Richer
www.entrepreneur.com/slidesho...
Mar 22, 2016 - Millionaires, or at least the ones who keep their money, know the difference between wants and needs.
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Happy teachers day sir, thanks for being the guiding light for us.
Thanks for all the Wisdom.
It’s interesting to watch these dated videos. I can tell you have faith in your plan , especially now that it’s playing out with an unavoidable downturn on the horizon. Keep up the good work!!!
Great points!
Great advice that's short and to the point! Thanks Ken!
Thanks Melanie! Appreciate you!
Hi Ken. Where do you find the information for investing in oil companies, gold mines, etc.? Are these known as drip programs?
Ken great video! Seriously! I've gotten so much value from this video and as a 16 year old I will definitely be a successful real estate investor!
Thanks again
Hey Elite! I'm glad you are getting value from the videos, keep up your hard work, sounds like you are on your way.
Great advise indeed.
Amazing video
Epic Paramount Information 👌🏽ℹ️ ✅
Appreciate you Maurice! Thanks for watching!
Ken, I’m so happy again to finding the best guy to learn from. Do you invest in developing markets also? Per say Ecuador?
Ty! Ken!
Great Video Ken! ✅
Thanks Marrone! Appreciate you!
I always appreciate how insightful and informative yet simple your explanations are. They really make the concepts easier to understand, reflect upon, and apply. Thanks Ken!
Hey Paul. Thanks so much for commenting and taking the time to watch the videos. I'm so glad that the videos are helpful and that the concepts I'm attempting to communicate are making sense. Keep learning and growing.
Great advise
Thanks Remigius!. I hope that the information helps you out.
you mention buying into gold mines here - does that mean investing into a jr miner or the actual land deal itself?
Nice video Ken, a prudent allocation to gold and silver is one key, but you just rattled off many others.
Sub'd
Thanks for watching! Appreciate you!
This is great stuff, I'm definitely following your videos!
I'm happy you found value in the video and thanks so much for following!
Thank you!!!
Hey Slava! Thank you for watching. Glad you found it helpful.
Thanks for this awesome video
Hey Income Builder. Thanks for watching and commenting. I'm glad you liked the video.
Hi Ken how come see you speak live ?
The Richest man in Babylon! Seek advice from people in that particular field.
Yep like ask from Ken McElroy!
What is LLC???
Tq Ken
Can you pls make us video on some examples or ideas on income producing assets
Hi Romeo! I will definitely talk with my team about potentially creating a video on this topic. You might also check out my website at www.kenmcelroy.com to see if there is anything that helps you there. I have many videos over there that you can check out. Thanks again for watching and contributing to the community.
Good stuff
Thanks for watching Metal Burn!
Ken, are you available for personal (one-on-one) mentoring?
Not at this time, the next best thing is my private community membership website: kenmcelroy.com
Thank you truly POWERFUL NEW SUBSCRIBER!!!!
youre awesome
Hi Mr. Ken, you mentioned someone who is master at stuffs like the tax code, what is his full name again? I only catch the 1st name Tom.. Thank you for these videos. Very informative!😊🙂
Ken, always thankful for your insights as reminders
No worries Kevin, thanks for watching!
Ken McElroy, glad I met you and Robert in Tokyo seminar 5 years ago. Since then I have been building my cashflow, got out of the rat race and helping others with your model.
Hope to see you again in Tokyo or US.
BOOM! I love to hear this Kevin! Rock on my friend!
Let me know when the real “you” will be in Tokyo. Thanks
Great video! Just subbed and liked. Let's stay in touch👍😎
Thanks MGD. I'm glad you liked the video and thanks for subscribing.
Yes first invest then spend.
i would highly recommend everyone to read Rich Dad Poor Dad
Hey Jeremiah! Thanks for watching the video. I agree, if you haven't read Rich Dad Poor Dad it should be on your list to read.
I do understand that the questions the person is asking is not Ken's expertise.
When they say get out of debt didn't get out of bed. If you had a mortgage on an investment property, that's good debt
50,000 annual dues...anything cheaper?
👍
Thanks for watching Dainey! Appreciate you!
22 people have no clue about what Ken has spoken about. They will be financially doomed.
Michael moloney, not baloney
the dollar is backed by oil... it's not free floating or backed by nothing it's called the petro dollar
Clearly I'm not a currency expert. Thanks for watching and contributing to the community discussion!
Other countries are trading oil in there currency's now. And the are freely printing paper Bill's will with nothing to back it. Petro dollar would have worked but the world is not playing ball.
The rich don't work for money (boom)😁
BOOM!
That's THE COLDEST STATEMENT. PERIOD.
Currently doing this with our Plaza and our plaza refinanced Money is going to buy us a Bigger Shopping center. Thanks Robert and ken with this advise we will continue to do it even more.....✊✊
What is money? Labor stored and nothing more! Irregardless of whatever it is you choose to keep your labor stored-in: fiat, land, gold, guns, butter, or bullets it will either appreciate or depreciate over time. Certain investment vehicles have a better history of appreciation than others.
2:08 - You Have a car loan??? What on earth! I thought you were really successful and managed your money wisely? Isn't a car loan one of the worst wastes of money there is? Not trying to be critical, but I thought you were a wealthy investor?
Hey Sir Raymond! Thanks again for watching. There are tax advantages when you use your vehicle extensively as part of your business. Your company even might be able to lease it for you, but I'm not a tax attorney and don't give advice, so please check with your own tax advisor on this. You might check out Tom Wheelwright's video on tax deductions that we posted last year to get his take. Here is a link to were he is talking about vehicles: th-cam.com/video/6EU1tAq2a0A/w-d-xo.html Hope that helps.
"Company car"
Why pay cash for a $50,000 vehicle? You can take $5,000 to get the loan, and invest the $45,000. As long as the $45,000 out performs the car debt interest you're ahead. You could buy a $400,000 4 unit apartment building with that $45,000 that cash-flows $1,000 (tax free after deductions) that also appreciates $10,000+ per year and gains another $6,000 of equity from debt service pay down, and still have the damn car.