How to Actually Get Rich in 2019 & Beyond

TL;DR

To get rich in 2019 and beyond, the speaker argues that you must shift from financial defense to offense by building a business and determining what your work is worth. A safe job, savings account, and house may emphasize security, but he says they are not a path to substantial wealth. Read on for his contrast between conventional financial advice and an ownership mindset.

Transcript

well being that it's a last day of 2018 I thought I would do arguably the most important video I have done of the entire year and we're talking about how to change your mindset how it relates to money in 2019 and moving forward how you can actually get rich okay versus what you know the financial gurus will tell you what to do versus people that yo... Read More

Key Insights

• 🤑 Playing it safe and saving money alone will not lead to financial success or wealth accumulation in the long term.
• 🤑 Successful entrepreneurs prioritize offense, meaning they focus on making money for themselves through entrepreneurship and investments.
• 🤩 Investing rather than saving is the key to building substantial wealth and achieving financial success.
• ✳️ Calculated risks are essential in playing offense, and successful individuals take these risks to maximize their financial opportunities.
• 🎮 Adopting an offensive mindset is necessary to play the game of wealth building and achieve long-term financial growth.
• 🖐️ Wealth accumulation requires a shift in mindset from playing defense to playing offense.
• 👻 Building wealth through offense allows individuals to control their financial worth and pursue opportunities for growth.

Questions & Answers

Q: How can you actually get rich in 2019 and beyond?

The speaker says you must play financial offense by making money for yourself and running your own business. This lets you set your prices and determine what your work is worth instead of accepting a wage set by others.

Q: What does playing defense with money mean?

Playing defense means getting a safe job, saving as many pennies as possible, keeping the money in a savings account, and buying a house. The speaker describes this plan as focused on consistency, stability, and avoiding financial harm.

Q: Why does the speaker reject saving as the main path to wealth?

He argues that saving part of a $60,000 job will not miraculously produce $20 million, $100 million, or billionaire-level wealth. He also says inflation makes money worth less as prices rise over time.

Q: What does playing offense with money mean?

Playing offense means making money for yourself through your own business. The speaker says this approach allows you to dictate your value rather than letting the world determine your hourly worth.

Q: What conventional financial advice does the speaker criticize?

He criticizes the familiar advice to get a safe job, save money in a savings account, and buy a house. He characterizes all three recommendations as a defensive financial game plan rather than a wealth-building strategy.

Q: Why does the speaker mention Jeff Bezos, Warren Buffett, Elon Musk, and Steve Jobs?

He presents Jeff Bezos, Warren Buffett, Elon Musk, and Steve Jobs as business and money figures whose actions reflect an offensive approach. He encourages viewers to examine what these people did rather than merely following advice from financial gurus.

Q: When did the speaker begin playing financial offense?

He says he played defense through his early years and changed course at about 25 or 26 years old. The shift began when he started his real estate marketing company and began making money for himself.

Q: How did starting a business change what the speaker earned?

Before starting his business, the speaker says the world valued his work at $20 to $22 an hour. Building a business allowed him to set his own prices and decide what he believed his work was worth.

Summary & Key Takeaways

• Definition: Financial defense means seeking a safe job, saving money in a savings account, and buying a house.

• Definition: Financial offense means making money for yourself, running a business, and setting your own prices.

• Compare: Conventional advisers emphasize stability and safety, while admired business figures act offensively and build their own enterprises.

• Who: The speaker contrasts financial gurus such as Suze Orman and Dave Ramsey with Jeff Bezos, Warren Buffett, Elon Musk, and Steve Jobs.

• Number: The speaker describes savings-account interest as about 0.03 percent.

• Number: He says saving income from a $60,000 job will not miraculously create $20 million or $100 million.

• When: At about 25 or 26 years old, the speaker started his real estate marketing company and began making money for himself.

• Number: Before owning a business, the speaker says the world valued him at $20 to $22 an hour.

• Compare: Saving $1 million or $2 million by age 70 or 75 is presented as less enjoyable and vulnerable to inflation.

• Step 1: Shift your mindset from avoiding financial risk to playing the money game on offense.

• Step 2: Start making money for yourself through a business you own and operate.

• Step 3: Set your own prices so you can determine what your work is worth.