Transcript of I Read 40 Books On Money. Here's What Will Make You Rich.

hey guys welcome back to the channel today I want to chat about how to think like a millionaire even if you're broke right now a lot of the times it comes down to mindset okay I've read literally hundreds of personal finance books over the years okay and these are the main things I've learned about millionaires that I want to share with you so you don't have to spend all that time reading all these books okay often it starts with the mind as I said so not necessarily how you grew up if you didn't grow up wealthy it doesn't mean that you can never be wealthy in the future the these perspectives and mindset shifts are really the key things that you need to implement to be wealthy in the future a wealthy mindset and a wealthy life for yourself whether that means wealthy in family or success or you know Health it all relates to the same thing and that's the mindset that you portray to be able to achieve those things so of course this is a personal finance channel so I'll speak more on the money side of things but wealth can come in all different forms of course if we don't have our health for example we can't do all these things to you know gain money so if we look after our health our mind and our body Mind Body Soul guys okay you can of course Implement these things to be wealthy in terms of cash as well in the future the very first thing is to rewire your brain and not to be complaining how many times have you are been surrounded by friends who say oh man I wish I was a singer or you know I wish I was a second director in this company or I wish I could make £100,000 of a salary every year if you keep wishing about things things and not actually actioning them you are never going to realize those things okay it's always going to be a fantasy in your head the next time your friend or even if it's you keep saying I wish I wish I wish how about actioning those things and then you can actually achieve them okay when you have a goal like that if you're constantly living in your head you're only going to drag yourself down and dampen your mood and dampen the potential that you think that you can have so you need to start with boosting your mindset rather than always dragging yourself down so if you have a goal to be a director of a finance company in the future let's say that's your dream because you want to be successful what are the steps that you need to take to actually get there don't just say I wish I was a director understand the kind of education that you have now and the kind of education you would need maybe don't even need to go to university to be a sales director for example what you can do is have mentors in that space that you know have achieved that job this literally happened to me you know when I used to work for a previous company I literally said to the director hey can I just have an hour of your time every month just to sit with you and understand how you got that career that you have now so learning from people who have done it themselves and have achieved the goal that you want to achieve is a better way to get to the step of actually achieving it if you always live in your mind and always complain about the life that you have but never action anything you're never going to get anywhere this is also true for money as well so if you say I can never afford to buy a house or if you say I can never afford to have a family and kids because I only have 30 grand of a salary okay okay you need to understand in your brain how can you get to a point to achieve that goal and this doesn't have to be a scrimping mindset of course we want to talk about wealth growing as well in this people who stay focused on problems are always going to stay broke in their mind right millionaires tend to look for Solutions so if you're more solution-based in your mindset you are more likely to be successful and achieve your goal number two then is to reduce your fear of failure and a way you can do this is to understand where you're risk is in your life for example if you have never invested in your life and you're really fearful of putting your money into something where it could go down and of course investing money can go down it can go up too so if you're too afraid to even start you're never going to get onto that path of wealth okay so for example if you had literally £200 every month that you could invest into the S&P 500 and let's say you're age 25 now by the time you're 65 and retiring this is how much money you would have right however if you didn't invest at all and you just stayed inside of your current savings account which only gives 1% interest right this is how much money you would have in that same period if you saved £200 okay the difference is massive and because you had a fear there of investing you lost out on something called compound interest and compound growth so of course it's really important to understand where your money is going 100% but if you're too afraid to even step onto that train you're going to be left behind so you can train yourself to tolerate discomfort a way about this is to literally talk to your manager and to negotiate a pay rise if you put yourself in uncomfortable situations like that you will of course grow from that experience or maybe you could try a YouTube channel like this and try and set up a little business for yourself on the site or maybe just invest a very small amount if you invest £50 and start with that and see how you feel after a few months of automatically investing £50 once you take the emotion out of things it's a lot easier to be able to achieve the goal then but of course always be really cautious with Investing For example things like cryptocurrency which you often hear about that can be really volatile and it means your money often goes up down up down up down like this okay even if it's in for longer periods of time so just be really cautious and careful about where you put your money of course and to educate yourself on platforms like this you know I've worked in finance for the last 10 years so hopefully you can trust what I'm telling you but if not there's loads of personal fin Finance books out there there's the psychology of money which is one of my favorite books I'll drop the link down below if you haven't read it or there's other areas where you can understand the difference between assets and liabilities such as the book Rich Dad Poor Dad so if you do your own education you don't have to spend that much at all you will of course boost and learn more about investing and understand where your money is going before you put it in something number three then is to surround yourself with high level thinkers right so if you surround yourself with people who want want to be successful in their life okay you will start to get that energy onto you as well okay if you're only surrounding yourself with people who don't care how their life goes who are happy to stay at home happy to be a bit of a loser live in the basement of their parents house right that's totally like a movie based but these things happen Okay sometimes people don't push themselves and we start to fall into this thing well if no one else in my group is pushing themselves it's okay that I'm not too you know that's totally the wrong mentality to live by but if you surround yourself with people people who have that drive man who have that drive for success and want to succeed and want a better life for themselves or their family around them you know those are the best type of people to surround yourself with because you're only going to gain positive things from that interaction do you guys know anyone at the minute you don't have to say out loud okay but do you know people who have literally not done anything with their life and do you want to be like that do you want to literally scround off the government do you want to scround off your parents and not have decent amount of money for yourself to enjoy the life around you money can be used as a tool okay it's not about buying things to be like oh look at me aren't they great with my Ferrari right it's about improving the life that you have for yourself for example you could have better health insurance if you had more money you could live in a nicer safer area and a Greener area if you had more money rather than in a dodgy part of town you can of course eat nicer food eat more fruit and vegetables fresh food rather than focusing on cheaper processed food it's about a full circle moment here it's not about buying things you know to look great to other people it's about improving your quality of life I read this quote the other day and I don't know who said it initially but it was literally like are you doing something for yourself because you love yourself now that seems so fairy wishy-washy right but what she meant by that was like if you are literally lying on the sofa all day on a Saturday and Sunday eating crisps eating chips eating pizza are you doing that because you love yourself and you want the best for yourself no you're doing it because you feel low about yourself because you may be in a depressive mood okay you may feel like you're a bit of a loser and that's why you're sitting on the couch you may have no friends because you feel like you have low self-worth however in contrast if you maybe on a satday go for a nice walk maybe you cook a nice poached eggs and avocado toast for yourself which is literally not that much money people always turn their head up when I say that but it's like an avocado is literally a pound okay and a thing of eggs is £150 and if you can't afford that there's something seriously wrong right but but it helps to look after your health go for a nice walk look after your body and then maybe read and then maybe catch up with a friend you know that's a perfect Duke again there you know so how are you treating yourself are you treating yourself with respect and dignity or are you actually making yourself worse because you're putting yourself in these situations where you're suppressing your worth number four then is to shift from a fixed mindset to a growth mindset okay a fixed mindset would be like well this is just my personality and this is just how I am or you know this is is just how I grew up so this is how I do things you know it's a very fixed mindset and there's no you know movement in it there's no room for growth and if you start to truly believe that you cannot change you will never change or even try and change and yes it's not our fault how we grew up are the situations in which we were put in as a child but now as an adult you can of course change the life and your mindset right you don't have to push yourself down and just pretend well this is me this will be me forever you know I'm in a little ball right you can of course change the trajectory of your life if you have more of a growth mindset and in that it's more like reading more about personal finance okay maybe expanding your mind and speaking with people from different cultures to open up your Viewpoint and have different perspectives in your life if you're constantly only coming at things from a certain angle like your very small mindset okay you're never going to see the full picture so if we educate ourselves and grow and listen to motivational talks everything is free you know YouTube is amazing right you can get motivational talks from people like Leila harosi who I've listened to a lot lately she's this really courageous strong ass businesswoman in America right she gives these motivational talks on her YouTube channel right I'll pop it down below if you're interested but also her husband as well Alex harosi both you know amazing mindsets and even if you don't agree with everything they say you can take a massive amount from the beliefs that they have amongst themselves and how they literally started from nothing to grow to over 100 milli million P net worth so if you believe that your skills and your intelligence can improve and grow you're more likely to of course grow Beyond Your Wildest desires because the things that you learn and Implement and surround yourself with of course is only going to do you good number five is to train your brain to see money as a tool and not as an identity so people who attach a lot of their self-worth to money often are very fearful and will actually blow money to try and impress people okay how many people have you heard of your do know who have spent maybe all of their life savings on a lovely Louis Vuitton handbag right yes Louis Vuitton is beautiful aren't they gorgeous right but only pay for things if you can actually afford it if you start to practice emotional Detachment from materialistic items like handbags like shoes like clothes you will start to feel better amongst yourself and use that money more for growth within yourself rather than spending it on things that actually don't mean much at all I know it's nice to get nice things and I'm not saying never buy nice things okay spend things on things that you love but make sure to only spend it if you can afford it 30% of your monthly income should only go towards your wants and if you don't even need to use that much money save the difference don't feel like you always have to splurge so millionaires tend to see money as a tool to create freedom to create options for themselves in the future and to buy assets so assets are something that can make you money so an example of an asset is of course investing in an index fund like an S&P 500 right or maybe buying investment property so that you can rent it out and Gain money every month from that if you buy more assets with your money you're more likely to grow your wealth quicker number six is to condition your brain to see opportunities now I would say I have definitely stepped into this one more cuz building up this YouTube channel very slowly right I've been able to find opportunities that maybe I can grow better as a person or maybe areas that I could learn more in so I can share with you guys and that has been a big eye opener because once you kind of switch on that part of your brain to see opportunities of hey what do these guys need that might need help in personal finance okay and from that I've been able to create free resources for people like my money checklist which I'll pop below which is totally free okay or maybe areas where people want to improve their finances like how to budget so I created a budget template for people when you start to see opportunities you can of course grow within yourself and help other people grow too thing is if you're constantly thinking about money struggles and financial struggles that will be the core of your mind all the time whereas if you start to see opport OPP unities let's say for example you get paid 3 grand every month and you're finding that because of the area that you live in you just have less and less money every month and you're not able to save so if you switch into more of an opportunity mindset you might be like okay if I walk my neighbor's dog for $20 an hour how much money can I actually achieve extra every month you might be able to do it for £200 a month and have that extra income there to be able to save you could of course get exercise make new friends around the corner with your dog owners okay and save more money there so if you're moving from a oh my God I'm worried about money I'm never going to be able to succeed or save and move into an opportunity mindset and actually find solutions for yourself you can of course get into that Rhythm and finding Solutions Elsewhere for things the next tip is to reframe hard work as a reward in game if you start to gamify your life and gamify your goals you're more likely to be excited and when you are successful you'll get a boost of dopamine from it rather than always thinking about the struggle so if you're trying to save a pot of money let's say an emergency fund right and you find it so stressful that you don't have one right now a reminder an emergency fund is stuff that we only use for emergencies like there's a leak in your house or your car breaks down right you should have 3 to 6 months of living expenses in your emergency fund do you guys have that at the minute let me know down below if you struggle to save this okay so instead of seeing this wealth building or savings building as a struggle gamei it if you need to save let's say $10 000 in that pot of money okay every time you hit £500 of a goal you celebrate that win maybe you go to the park with friends and have a celebration right maybe you bring friends over and watch a movie and have a movie night celebrate your wins for yourself you don't have to tell anybody that you've done this or even increase the goal so every time you hit ,000 you do something nice for yourself okay if you celebrate the wins you kind of gamify it and it's important not to be silly with this so I'm not saying every time you reach £1,000 to spend £1,000 on a fancy handbag that would be mental right but to celebrate yourself like maybe cook yourself an extra nice brunch that time that you've reached £1,000 or maybe go to a new part of town and go to a cafe and buy yourself a nice little muffin right it doesn't often have to be monetary but sometimes you can just go out and do things for yourself and to celebrate that win that you have done and achieved that part of your goal does anyone else have really good personal finance books that they like to recommend for me as I said Rich Dad Poor Dad taught me a lot of my 20s about assets and liabilities and learning from scratch right psychology of money as I said is a great way to understand the mind of a very wealthy person like a millionaire okay and how to not fall into traps to stay for if you guys have any other recommendation I'd love if you could drop them below and we can all learn from each other on this but thanks guys I shall pop two other videos here which will help you on your wealth Journey but until then I tend to post two videos a week and if you could subscribe and help the channel out that would be great but no pressure thanks guys I'll see you soon bye