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Many subscribers thank you so much for joining me today i am jeremy this is the financial education channel and today we’re talking about the 10 rules of money guys the 10 rules that i would tell anybody this is the path to success you want to financially succeed in life follow these ten rules and this will lead you to the path of greatness right so this is my
List i hope you guys really enjoy it today it’s the most important and let’s just get straight into this so number ten number ten i probably should even rank this first one even higher the number ten honestly it’s learn everything possible you can about taxes about taxes realize i think a lot of people kids and adults and a lot of adults are just very naive to what
Goes on in taxes and how taxes can affect your your how much money you actually make at the end of the day right so someone that makes 100k a year as an employee pays a different tax then maybe if i’m a business owner and i’m making 100k versus someone that maybe owns real estate properties and they rent those out and they make a hundred a k a year that way versus
Someone that owns stocks or stock trader that’s a short-term trader might make a hundred a year they pay different taxes than someone that is a long term investor and hold stocks for years and then sells them but they make a hundred a year so realize tax codes are totally different not like you make a certain amount of money you’re paying this tax no there’s a lot of
Things that go into a guy’s a lot of write off a lot of deductions like so much stuff guys and just different tax rates in general depending on what type of income you have coming toward you so understand that research everything possible you can about taxes like go to irs.gov they have tons of tax information they’re read up on everything possible read textbooks
Like learn about taxes because this is something that will greatly affect how much money you’re going to be making and do you get only sixty five thousand a hundred thousand you make per year or you do get eighty five thousand you get seventy five like this totally changes do get all hundred thousand like this poley changes everything guys study as much as possible
About taxes really understand that you personally don’t just count on a tax accountant to help you with that because once you will understand it it’ll help you out in making decisions that’s the main thing that number dying guys number nine you must value little expenses just as much as big expenses good the problem with most people is most people kind of do look
At big expensive they buy a house or they they buy a car or something like that a lot of times people will look at those expenses but what really adds up it’s all those little expenses all those little expenses because those little expenses are coming out of whatever is left over at the end of the pie every month right so you got you spend your certain amount of
Money on stuff you have to write your car to get transportation to work your insurance for that car your your cell phone because that’s necessary right and then you know you’re wherever you live your mortgage or your rent knows are necessary expenses then whatever you have leftovers whatever you have leftover and little expenses eat into that money you’ve got to
Always care about those little expenses and not just you know throw five dollars here or ten dollars here or $20 here because then where’s your cut off and what i have noticed is a lot of people that don’t care about little expenses they also don’t care about big expenses they also when they go to buy a car they don’t negotiate for that car nearly as hard as they
Could have if maybe they cared about money more and they had more respect for money and they cared about little expenses just as much so you’ve got to care about the little expenses just as much as the big ones because that little money is the one that goes into your investing and compounding those kinds of things guys so always pay attention to little expenses
Number eight number eight you must understand the power of compounding numbers if you have an ever in your life ever played around with a compounding calculator when you’re done this video you know go in google compounding angular and play with some numbers here the power of compounding is one of the greatest things ever guys if you make if you put $10,000 into
You know an investment right and that investment gets you a 10% return over the next 50 years it’s going to be dramatic how much money that is because you’re compounding so you make 10% that first year right so now you have $11,000 now it’s $11,000 plus an extra 10% then you get the next amount of money twelve thousand and what 200 or 300 or whatever and then you
Make another ten percent on that and the numbers just keep eager and eggar in bigger and add up an add up and add up guys compounding is huge you gotta understand compounding because it’ll put you in the mindset of the snowball effect which is making your money into money number seven number seven you must always have an emergency fund around emergency fund what
Is an emergency fund is exactly what it is money that is untouched that is for the rainiest a possible like that money is never to be touched unless you absolutely absolutely have no other choice but to touch that money that’s the only way you get into that money not like hmm and i want the new iphone well maybe i’ll just take out my emergency fund no no no it’s
Not like um well i have some money stolen my checking account but let me just take this money for the new tire out of emergency fund because this is kind of something that caught me off guard no this money is never touch unless you absolutely have to do it i’ve always had an emergency fund you know many times i’ve gone into that emergency fund once i went into it
Once ever was around january 2016 when i was starting like businesses i had no income i had to go into the emergency fund the only time i ever had to do it and there was so many years they’d think about how long i’ve had an emergency fund like i’ve had an emergency fund even before i moved out of my parents house when i was when i was like 20 or 21 right i had an
Emergency fund even before that so all those years i had an emergency fund i never touched it and it was like you know maybe this is worth this even having them are just fun and then came the time when i actually had a touch of guys and that got me through and got me to start the businesses without having to go get a job and thank goodness i did that guys i thank
Goodness i had that emergency fund have an emergency fund so when you have the emergency which you will at some point in time even i thought i would never touch it you won’t go in there guys and as a great thing because it will make it will keep you out of making bad decisions bad decisions guys number six number six never have only one source of income having one
Source of income very bad i had one only one source of income up until about 12 months ago i only had one source of income i thought oh i have my one source of income and that’s good my job is pretty safe here right it’s pretty safe that’s good enough no you absolutely need to have sight income of some timelike you don’t have to be killing it you’ll have to be making
Thousands of dollars a month from your little side business you could make a hundred bucks a month three hundred bucks a month five hundred bucks a month on that side business make sure you know passive income stream or whatever like don’t just rely on one source of income because guess what you’re you’re a victim as soon as you know oh you’re getting laid off or
Where you’re getting fired for a b and c like as soon as that happens you’re in the desperation game yeah you got an emergency fund hopefully right and those kinds of things but guess what you’ve got to go out there and get another job right so you’re already at a disadvantage you got a side income or something something going on the side then you’re probably put
In a few hours you know maybe a day in that you know maybe you’re putting 10 20 hours a week into that little side business you make a couple hundred bucks a month well then you can say well let me start funneling instead now that i got an extra forty hours a week because i got fired for my job let me follow 40 hours a week into the side income and that’s how you
Build up guys and it will put you in a mindset where you’re not scared to lose your job if you do or you’re not desperate for that money from your job because you know i got to have the money coming in from this other kind of way guys and that’s huge and sometimes the other income source the little one grows into being the big one then you end up quitting your job
Because it’s just the so much opportunity on that side business guys so never never have just one income source always be focusing around how do i get a second income source maybe a third maybe a fourth you know always focus around that guys number five number five don’t get caught up in keeping up with the joneses have you ever heard the expression i’m just trying
To keep up with the joneses it’s an expression that basically means if your neighbor goes out and buys a new car then you want to try to buy a new car because your car’s ten years old and it looks kind of ghetto compared to their brand-new tesla or whatever car right don’t get caught up in that game don’t get caught up in that materialistic game of the so-and-so
Got this i’m and i feel bad about myself because they got something better than me they just got a bigger house of me don’t play that game guys don’t play that game that’s a loser’s game you’ll never win at that game you’ll never win at that game because there’s always gonna be someone bigger someone bad or someone’s got them the more expensive thing out there
You try to keep up with the joneses it’s going to lead you into a very negative mindset it’s going to be becoming very materialistic and you’re not making money for freedom you’re making money so you can just find more stuff and buy more stuff and you just got to keep this this never-ending cycle of keeping up with the joneses and i got to be out this person oh
Well you know my family member they just got this now i got to go out and get one of those too because i don’t want to look like i’m behind the 8-ball ever don’t play that game gets a loser’s game literally guys don’t play keep it up with the joneses because in your mind you’ll never ever win trust me on that don’t play that game number four number four audit your
Expenses every six months i’m talking about full audit too so i always pay attention my expenses you know pretty much every month all but i never look into them depth every six months really look into your expenses in depth and see where’s my money really going like how much money is going here versus here in those kinds of things i’ll give you an example i audited
My expenses about three four months ago right and it’s something i try to do every six months and i was looking and i had this network right and i was looking and dish network was charging us like 120 bucks a month for satellite like you add that up over the course a year you’re talking about you know what thirteen fourteen probably fourteen hundred bucks per month
Right fourteen are used a 14-0 bucks per year i’m spending for satellite tv that i hardly watch $1,400 is leave in my pocket going straight to dish network for satellite tv i hardly use i’m like why the hell am i doing this like that’s a lot of money like my like the the premier videos on this channel right or the for stocks i’m buying like when i release one
Of those and it gets 20,000 views or something like that like i might make 300 bucks an off that like think about how many of those videos i have to produce just to pay that dish network satellite like that’s what three four scuse me like four or five months of for stocks on buying to pay for my satellite from the course of the year you freaking kidding me like
That is crazy like it’s crazy so all of those expenses every six months and you’ll really start adding up the numbers and be like aim and i’m losing so much money over here doing this thing and i don’t even use that that much or it’s not even that important to me i need to cut out this expense right here or figure out a different way so a lot of those expenses
Every six months look through your bank statement very key guys very key number number three getting down the last three here realize you can make much much much more money being your own boss now short-term this never works out right short-term you’re never going to make money being your own boss especially if you have a good-paying job right because at first
Anybody knows like the first six months of being an entrepreneur socks like it really sucks even for most people it’s like the first year or two socks like you know you’re barely scrapping by you’re making ends meet however you got to make ends meet right like it sucks like it’s hard to sell and it’s hard to get your products and services out there or whatever
You’re trying to do right so it’s hard being an entrepreneur so it ischl e it seems like man i just went from make about my job where i’m making 78 and now i’m making seven hundred bucks a month right now like what am i doing with my life i was making you know a six thousand a month before and now they can seven hundred bucks like what is going on with my life so
At first it seems like they’re never this is stupid right but i’ll do a long term you absolutely can make way more money being your own boss and then working for somebody because you work for somebody right you work for a company that money’s got to be split adventure through a bunch of people right it’s got to be split through a bunch of people and that company
Has healthcare expenses and a bunch of huge expenses that regular people don’t even things about like the corporations have big expenses also corporations got to pay shareholders they got to pay the owner you’re the owner of the business if you own your own business right so your can making all that money you don’t have to split money with this person that person
Unless you’re at a stage where you’re built the company enough where you have employees but in most people you know you can just operate the business yourself and then guess what you get all that money you get whatever profits there guys so there’s way way way more money being made from an entrepreneur but type type thing and you’re not held back either that’s a
Big thing like working for a corporation you can’t just say oh you know i’m going to make three hundred thousand next year even though i only made seventy thousand this year because guess what you’ve got to rely on people promoting you and just because you do great at your job doesn’t mean you’re getting the promotion and the end when you’re an entrepreneur if you
Want to go make that extra you know a hundred thousand next year three hundred thousand next year or whatever put in the work get the strategy done and execute on it and you can do guys you can do that so way more money to be made as a entrepreneur as being your own boss and versus working for boss trust me on that guys 100% number two number two you have to make
Your money into money like at the end of the day there’s a great saying i love do you work hard for your money orders your money work hard for you you’ve got to just focus on making that money into money so how do you do that well you can do it through like savings accounts where you’re going to hardly make anything you might not even keep up with inflation you
Could do it through the cd accounts which are your money kind of locked in there right and you make a little bit of interest not great though you can do it through a real estate investing very hard to be a successful real estate investor with small amounts of money you can do it through stock market investing which is my favorite picking individual stocks you would
Also put in an index fund a mutual fund if you don’t want to manage your money you just want to do as good as the market does or as bad as a market does depending on how the stock market’s trending lots of different ways but you’ve got to figure out which one works for you you would be a commodity investor you could buy bitcoin like whatever works for you whatever
You believe in go that route guys go that route make your money in the money because though the worst thing is if you make money and then that money just sits there on the sidelines like that’s doing you no good everything is getting more expensive by the day and your your dollars you had there or whatever your euros are just becoming less and less valuable over
Time because guess what everything in all prices pretty much go up over time right that house they used to be two hundred thousand dollars a few years later is also in two hundred twenty thousand or two hundred fifty thousand or if you live in los angeles 14 billion dollars she’s like you know what i mean guys so everything’s going up in prices you’ve got to
Make your money into money to not just keep up with inflation but eight inflation at the end of the day and number one number one biggest in my opinion of them all stay away from personal debt you can take out some business debt here if you know how to use it and those kind of things if you want to use debt as an advantage personal debt is the worst kind of day
I’m talking credit cards i’m talking you know mortgages unless you unless you know you want absolutely buy a house i’m talking about car loans especially car loans with higher interest rates i’m talking about you know 10 plus percent interest rate these add up the amount of money you’ll have to pay for that car over time it’s way bigger than what’s on a sticker
If you’re paying a 12% interest trust me on that guys so stay away from those bad debt the the what do they call it algaas tears if you go around poor communities in the united states you see well oh check cashing places but also do loans like payday loans and stuff like that guys stay away from this places they have ridiculously high interest rates like 90 100
Percent like insane stay away from that kind of stuff guys personal debts absolutely that if you know how to use the debt system as a businessman or businesswoman out there you can use that to your business right but there’s very different between using that debt for business versus personal debt stay away from personal debt by any means necessary guys and that is
The ten rules of money and i hope you guys enjoyed this very much today i enjoyed sharing it with you if you follow these ten rules i can almost guarantee you’re going to have a very successful long term financial life guys let me know if there’s any other ones you had let me know in the comments section which you guys thought about this video did you enjoy it i
Would love to hear from you in that comment section if you just came across this channel you may want to subscribe we talk personal finance on this channel we talk entrepreneurship i’m an actual business owner i give away so many business tips we talk stock market investing more than anything check out my stock market strategy book it’s linked in that description
Think about it think about remember the dish network thing i was just mentioned a minute ago i paid $1400 or was was paying now i don’t have them anymore but i was paying one thousand four hundred dollars a year to them i make about a little less than a seven dollar profit on per book sold imagine how many ebooks need to be sold just to pay for dish network guys
Like that’s crazy numbers that’s crazy numbers you know just think about that thank you for watching guys and have a great day
Transcribed from video
The 10 Rules of Money By Financial Education
