Practice English Speaking&Listening with: Smart Money Moves To Become A Millionaire - Money Advice

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- How would you like to increase your money IQ

by leaps and bounds starting today?

If you're anything like the hundreds of thousands

of people who Google search every month

for how to make money, how to save money,

or how to invest money, then this is for you.

In this video, I'm gonna give you my six best

money tips that will get you on the path

to becoming a millionaire

if you do every single one of them correctly.

If you wanna become a millionaire,

then make sure to Hulk-smash that thumbs up button.

Hey, I'm Jarrad from Debt Free Blueprint

where we talk about personal finance topics

based on the Debt Free Blueprint.

If you want more videos about everything money,

then hit that subscribe button and the notification bell

so YouTube knows to deliver them to you.

You can also check out the description for playlists

on different personal finance topics as well.

I have a secret to tell you.

Something bad is going to happen this year

that's going to cost you money

that you weren't planning on spending.

It always does.

Your pet's gonna get a tick and need medicine.

A tire on your car is going to start

losing air for no reason.

Your going to try to jump as high as you can just for fun,

get injured and have to go get X-rays.

And of course a crazy ex is going to steal a key

and you'll have to change of all the locks in your house.

Yes, all of these unexpected expenses

happened in my life over the past year.

Things I couldn't even plan for.

Some of this expenses you can plan for though,

and some of them you just can't,

because they just happen out of nowhere.

Since we know this is a fact,

you should start saving up some side cash

to pay for it all before it actually happens.

Call it an emergency fund, call it an I'm-an-idiot fund

or whatever the heck you want.

I usually suggest at least $1000,

but honestly, anything is better than nothing.

Since I'm out of debt, I have nine months

worth of expenses set aside for anything that goes wrong.

I would not suggest having this much on hand

if you're in the process of paying off debt.

Another benefit of having some extra cash

sitting in a high interest savings account

that's easily accessible is that it'll make you better

learning how to let money just sit there

that has a real purpose.

A lot of people feel like if they have money,

then they have to spend it.

Think about it like working out your smart money muscle.

The longer you do it, the stronger you become.

If you're familiar with the foundation of financial freedom

and my story, then you knew that this one was coming.

Start increasing the amount of bad debt

that you pay off this year,

even if it's just a little bit.

Then that's okay.

Carrying that bad debt for long periods of time

is burning a hole in your bank account

through that interest that you're paying

every single month.

It should make you angry

when you see how much you're paying.

That interest could be going towards building wealth

for yourself and your family.

Focus on paying off the higher interest debts first

to get them paid off faster

and save more money in the process.

I've mentioned many times how paying off

my $82 thousand in four years

was probably one of the best decisions

that I've ever made up until this point.

Was it easy?

No way.

But it completely changed my life

and I've seen how it's changed other people's lives

who I've personally worked with

and others that I haven't even worked with yet.

That level of freedom that you get

from paying off your bad debt

is something that not many people

will actually ever feel.

You'll notice that before you actually get all

these debt paid off, it will change you for the better

in ways that you didn't even know that it could.

Is is painful at times?

Of course it is.

But anything actually worth doing is a little annoying

and hurts a little bit at first.

For all of my friends who are out there

in the process of paying off your debts,

leave a comment down below.

Let me know how the process has changed you for the better.

So people actually believe us.

This one is so easy to overlook

because we get a little bit too comfortable.

If you wanna become a millionaire faster,

then you need to focus on making a move

with your career starting today.

By making a move, I'm talking about

start working towards making more money.

This can be done in one of two ways

and the pay off is huge.

I'll show you how huge in a minute.

The first way is to sit down with your manager

to figure out what you need to do

to get a pay increase.

Don't feel weird inquiring about it either.

Just have the conversation

because you're probably being underpaid.

The second way you should make a move with your career

is by leaving your current job for a better opportunity

with a new company.

On average, people see the biggest pay increase

when they switch jobs.

Don't be afraid to leave your current company

for something new.

I know where you currently work feels more comfortable

but trying to maintain that feeling

is costing you a lot of money in the long run.

To make a meaningful change, you're gonna have

to get a little bit uncomfortable.

Set a little time aside over the next week

to get your resume up to date

with anything new and try to keep updated going forward.

If you keep up on this, then applying for new jobs

becomes a lot easier, and the payoff

could get you to the point

where you are a millionaire faster

than you ever imagined.

In today's day and age, companies are becoming

less and less loyal to their employees.

For the majority of them, all you are is a number.

And because of that, you need to make sure

that you're looking out for yourself

and maximizing your income at all times.

Did you know that a $5000 raise after taxes and invested

has the potential to be worth over $135,000 in 20 years?

And over 30 years, $300,000.

Let that sink in for a minute.

That's the power of getting a raise,

investing it and taking advantage of compound interest.

Life-changing money.

I made a video on how to negotiate a raise.

I'll link that video in the description

for you to watch after this video.

The easiest way to make money

is by making your money make money for you.

What?

If you spend $25,000 on a car,

then is that money making money for you?

Of course not, because a car is probably

one of the worst places to spend large amounts of money

since it's an asset that depreciates

faster than it takes me to swipe on that dating up bumble.

Because of that, you should spend the least amount of money

on purchases that will not give you a return

and more money in the areas

that will have a higher return for you.

A better idea is to buy a $10,000 car

and invest the other $10,000.

The easiest way to invest your money

is by putting it into a low-cost index fund

like VTSAX or VTI.

I'm not giving you financial advice.

If the thought of investing makes your head

absolutely spin, then there's companies out there

that make it a whole lot easier for you.

Their fees are extremely low,

like lower than the fees than some of those

blood-sucking financial advisors

who charge you extremely high fees.

Can you tell that I have a strong dislike

for financial advisors that charge you way too much

and pretend like they have your best interest in mind?

But more about that in a minute.

If you invested $6000 into your IRA

every single year for 30 years,

we assumed a seven percent return,

then you could have over $500,000

waiting for you in retirement.

Now back to how much fees are costing you.

Just so you know, a one percent fee

may seem like a really low amount,

but it's considered high and can cause you

hundreds of thousands of dollars

over the next 10, 20, or 30 years.

To give you an idea of how high one percent is,

invest it in a low cost index fund like VTSAX or VTI.

It will only cost you .04%.

Not 4%;.04%.

That's 25 times less than that one percent

and advisor maybe charging you.

There's so many cheaper ways to invest your money

to cut out the middle man.

You have companies like Betterment

who charge .28% since you choose your goal

and they invest for you.

You can invest directly through Vanguard,

which only cost you whatever the expense ratio is

for the fund that you choose.

Or I even love M1 finance

because that platform makes it so easy to invest

for extremely low cost or even free sometimes.

I'll throw links in the description

to all those companies if you wanna check 'em out.

So basically start investing as much as possible,

as soon as possible, and avoid high fees like right now.

Let me know in the comments if you have any questions

surrounding investing, and I'll make a special video

just for you, because you're special to me.

The next tip I have for you that will get you

to millionaire status in a shorter amount of time

is learning a new skill.

If I asked you to make a list

of all of the new skills

that you learned over the past year,

then how many things would you be able to put on that list?

How about the past five years?

Now, think about how any of those skills

could make you money.

If you can't think of any new marketable skills

that you've created for yourself,

then uncle Jarrad just gave you some homework for this year.

Creating new skills for yourself

gives you the benefit of more options in life.

It's a way to bring value to more people

that don't know how to do something.

The power of a skill makes you more marketable.

If your current job decides to lay you off

and you need to do some freelance work

to make some extra cash, it gives a way

to be a lot more financially stable

no matter what happens in the future for you.

The only way to learn a new skill

is by learning about that skill and practicing it.

I'll give you some examples of just a few of the skills

that I've created for myself outside of my full-time job.

So if I got fired from my corporate job tomorrow,

I'd be perfectly fine.

I teach people about money here in these videos

and work with people on the side through coaching.

I can use that skill of teaching

to increase the number of people that I work with.

I can also this skill of teaching

by going to a teaching platform like the VIP Kid

or gogokid to teach children overseas

and make some extra money.

Another example is that by making these videos,

I've also learned a new skills

when it comes to filming videos.

I also now had the skill

on knowing how to edit videos in Final Cut Pro

and even working in Photoshop.

I've become a better writer and researcher

since all of these videos are thought out ahead of time.

These are all skills that I can turn around and use

to get freelance work if I need to.

If you are interested in learning new marketable skills,

there are so many amazing platforms out there

that will teach you like Udemy, Skillshare

or even lynda.com.

The power of learning a new skill

has the potential to save you

from some of those unknowns of the future

and increase your wealth

if you wanna add additional income to your current income.

This year, you should cut back

on some of that television or Netflix time

to enjoy the process of learning a new skill.

You'll get more value out of doing that

than you will by watching some reruns

of Friends or Full House.

Netflix shows aren't going anywhere, friends.

They're going to be right there waiting for you

when you're done learning.

I promise.

The final best money tip that I can give you

to become a millionaire as quickly as possible

is one that will help prevent you

from getting sucked into buying things

you weren't gonna buy in the first place.

Everyday, each of us moves more and more of our lives

onto the Internet.

At this point, it's something that we all

just cannot stop.

We look at things, we share things,

we see what other people are doing

and we buy those things.

What's a little less obvious at times

is how much data is actually being collected

about every single one of us.

I read an article the other day

that Amazon has so much information on us

that they're becoming experts at selling us

things we didn't even know that we needed.

And it's only going to get worse.

If you and I aren't careful,

then this is gonna leave all of us broke

with houses and apartments full of things

that will not make any of us happy in the long run.

One of the smartest money moves

that you can make this year

is to fight the urge to impulse buy things

by delaying gratification.

Learning how to second guess and question

each of your purchases this year

is going to help you fight back

against these huge companies that spend

millions and millions of dollars

to get you to buy something.

Try to put as much as a buffer

between yourself and the actual act

of purchasing something.

Be a little bit more thoughtful

when thinking about everything you buy this year.

Don't think that you have to compete

in won up everyone around you.

Links to resources on everything we talked about

are in description, so I encourage you

to go poke around down there.

If you need some help in the area

of getting your money in order,

then sign up to get on the money management course

waiting list where I teach you about budgeting

and all things money.

Link is in the description.

Make sure to smash that thumbs up button

and pick up your free copy of the Debt Free

Prep Workbook, hit that subscribe button

and the notification bell

to get more personal finance videos just like this one

so we can start getting you to a point

where you are financially free.

I'll see you in the next one, friends.

Adios.

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