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Today i’m gonna share with you guys one of the most ridiculous money related stories you will ever hear in your entire life and it’s in a relation to something that i don’t think i’ve ever really talked about in the history of this channel okay i think the lesson to be learned here is phenomenal the in relation of this guy’s story okay now first off this gentleman
That story i’m about to tell you he gave me full permission to tell you guys about it he’s actually a daily viewer of the channel i received an email from him last week okay i received an email to my private email address like the only the my private email address that you get my stock market investing mastery course so i knew he liked you know i’d bought my
Products and things like that before i received this email from him he says jeremy i i don’t have any money to invest can you help me out like i want to invest money and whatnot i want to start getting into stocks but i don’t have any money to invest so i’ve heard this type of thing many times before i hear it in the comments section all the time people are like
How do i get money to invest i don’t have any money to invest i want to invest things like that okay so the what i email him back right away is i make an assumption that this guy like doesn’t have any money his income is very low so i started like emailing them like passive income like videos and whatnot creating the past like how to make money online i’m telling
Them well you you should be focusing on getting your income up you shouldn’t even be focusing on investing right now you obviously have an income related issue you need to get your income up so i’m sending on all these links he sends me back an email all it says in this email is my income is two hundred and twenty-two thousand dollars guys two hundred and twenty
Two thousand dollars okay a ridiculous sum of money you know for an income for most people like ninety nine percent of people out there would say that is a ridiculously high income so i’ve never ever been trolled in an email before especially in my private email like if people email me to my private email they always respect my time and what none no one’s ever
Told me i really thought this guy was trolling me when i got that email back sort of thing and i’m not even gonna send in an email back and then i was like okay i’ll just send an email back and i just sent back really with two question marks he sends me back an email tells me all about his story and all this in goes into you know how he makes his money as an
Entrepreneur and whatnot he asked me not to share the industry he works in but he’s furs making good money and whatnot he also shared with me like screenshots which he didn’t have to he shares me screenshots of his bank statements and all his stuff like of the money moving in and now he shows me all of his expenses and everything he’s like what should i do i’m
In a real situation so what the advice i gave this guy well first off we got to think about like how much is this after taxes after taxes he’s making about a hundred and seventy thousand dollars a year right so he’s got an income of somewhere around fourteen thousand dollars a month he’s got an income somewhere around fourteen thousand dollars a month and that’s
After taxes okay that’s after taxes are taken out but no that’s a lot of money to be making in a month so what he tells me is he’s got a rent he lives in miami he loves it he sent me a couple screenshots of like his place and whatnot it looks freakin epic it’s an awesome penthouse he pays nine thousand dollars for this place okay i’m not even sure it’s a penthouse
It’s obviously like up super-high it’s got views the ocean and whatnot pays $9,000 rent for this place okay he’s a single guy it’s got four bedrooms and it’s single guys paying nine thousand dollars he’s also got some type of i think it was a audio r8 or something like that he mentioned he’s paying a two thousand dollar car payment a month on that car and he also
Bought his mom a land rover and his payment on that is around a thousand dollars a month okay so right off the bat here this alone is what $12,000 $12,000 then he says that he’s spending at least two thousand plus dollars a month on the rest of his expenses meaning he’s actually buying stuff on credit card he actually said he bought my course on a credit card which
Is like mind-blowing to me so he’s all these other expenses combined or two thousand plus dollars and as you can imagine just think about what the renter’s insurance in that place he is he’s probably paying just think about you know what the car insurance on an audio rate is just think about the car insurance on the land rover it’s very easy to understand that his
Other expenses are at least two thousand plus dollars a month meaning he is actually draining more money putting money on credit cards and things like that which is like mind-blowing to me so when i saw this i was like this is insane like how did you get in this situation you must just like just think you you know you can spend every dime you get or something this
Doesn’t make any sense to me he says well here’s the issue okay what he had is going into january he had what he thought was going to be a hundred k deal and he thought he also had a ninety five thousand dollar deal pretty much almost done and in the bag okay so he had a hundred ninety five thousand dollar profit that he thought he was gonna make almost for sure
He was like ninety-five percent sure on this okay meaning he thought his income this year was gonna be somewhere around a half million dollars so if its income was somewhere around a half million dollars then you know $9,000 rent yeah you could afford that is so not the smartest thing in the world and already are eight you know payment yeah you can afford that
Land rover for your mom yeah you can afford that you know if you got a half million there so what we see with this situation is a situation where this gentleman he just got too caught up in what he could be making from money he thought these deals were probably gonna go through so he set his lifestyle based upon what he thought he might be making okay guys this
Is something i’ve never really talked about i talked about the issue where let’s say somebody has makes two hundred twenty two thousand every single year that’s a consistent income form and they set their expenses in a way where they just ended up spending all their money this gentleman he thought he was just gonna be making a lot more money okay this is a big sin
Guys you never want to count on that you’re gonna possibly make some money okay and he’s like well i was like 95% sure i was gonna be making this and whatnot you never ever want to get caught in that situation it’s a bad situation to be in so he’s like what should i do so the the the three main things i was after is obviously his three main ways his monies leaving
Him right that ridiculous rent his audion ii in the land rover for his mom so i said of those three which one means the most to you like which one of those would be the hardest to get rid of he said without question the land rover for his mom he always promised his mom he’s gonna get him in her a nice car and whatnot she always drove around in junkers he said that
Meant a lot to her and in to take that away from her would like would like be a dagger in him so i said okay keep that man keep that one you need to get threat of this ridiculous rent $9,000 a month is absolutely absurd okay yeah i know miami is expensive but you can still get a decent play to bedroom which is all he needs he’s one single guy and he needs an office
Okay so he needs a two-bedroom two to three thousand dollars you should still get a pretty decent place in miami okay even up to four thousand you can still get a really nice place in miami so i said you need to cut that down that will save you between five and six k a month okay and then i also told him you need to get rid of this all right he says he’s underwater
On it by about fifteen thousand dollars unfortunately so he’s basically if he was sort of like sell it to somebody he would take about a fifteen thousand dollar loss said take the loss you know what i mean take the loss i that’s what i would do you don’t want to ruin your credit because he says he has actually has really good credit say take the loss pay for that
Just you know save up for a few months get this off your books did something that’s an affordable car you can still get a pretty nice car for you know a five hundred dollar payment six hundred dollar payment two thousand plus a month is ridiculous now we’ll save you a round that say $1,500 a month and bada-boom bada-bing awesome you’re in a situation where you no
Longer you have to you know start using all these credit cards you can start paying down this debt and you’re gonna have a lot of money left over to invest at that point that’s the type of situation you want to be in where you’re not taking out these credit card loans and where you actually are have money around to invest i also told them obviously you know you’re
In an industry that’s up and down are you guaranteed to make two hundred twenty two thousand this guy’s got very few customers is a type of industry where you have very few customers but when those customers make orders they’re huge orders so what i told them is you gotta live like you’re making at least you know 30 percent or 40 percent less money than what you
Think you’re gonna make next year because it’s just such an up-and-down industries and so that was my advice that i told them that i would do if i was in his shoes you gotta get rid of that nine thousand dollar rent that’s just ridiculous you got to get ready that already are eight i know you’re underwater in it but that that you the fact that you’re underwater
Fifteen thousand dollars it’s not going to like it magically fix itself like next year you’re probably still going to be done underwater fifteen thousand if not more because it would obviously depreciate more and more as time goes on so that was my advice to him and you know it’s a story that i think needs to be told because a lot of times like i always preach on
My channel like don’t get too far ahead of yourself but also if you run a business like don’t get too far ahead of yourself thinking you’re gonna make this much money live in a conservative way i remember i showed you guys my house tour this was about a month ago right my new house i moved into a lot of people are like you know thought it was a really nice house
Some people are like oh i thought you live in a nicer house like this i tried to keep my house payments 10% or less of my income guys that way there’s never any stress around that and you’re not like you know in a situation like this guy where often you know i’m asking about that you have 14,000 income nine thousand dollars over is going through that what’s that
60 70 percent of the money coming in through the door is going toward your rent that’s just ridiculous guys that’s absolutely ridiculous especially for something you don’t even know them so remember this lesson for life because a lot of you guys are that watching my channel are under the age of 25 a lot of you guys will probably become entrepreneurs probably will
Become successful and will start making money and come into money in a very rapid amount of time don’t get too caught up in that in investing too if you’re investing in a hot stock or something and also you make a lot of money one year just don’t count on making that same amount of money the next year and then also and start basing your expenses off of that guys
It’s a cardinal sin you do not want to make that mistake i hope you guys enjoyed this today remember the story for life thank you for watching and have a great day
Transcribed from video
$222,000 Income & Completely Broke By Financial Education
