Daily Meeting - Personal Finance 11: Creating Wealth

The Fifth Law of Gold

• Gold feels the man who would force it to impossible earning or who followers the alluring advice of tricksters and schemers or who trusts it to his own inexperience and romantic desires in investment.

• Nice people who are smart are the worst people with money
• Stay away from get rich quick schemes
• You win when you buy and when you sell
• Find an intelligent vehicle for your $1,000/month

1. Every investment on the planet has extra expenses.
2. If you take money out, it’s coming out with a fee.
3. Make sure the fees are reasonable when investing.

• Do it anyway
• You’ve never created wealth from something that didn’t cost too much
• Once you get your money, your job is to move the money.
• If you don’t move the money, you’ll lose the money.
• Have a bigger plan in sight
• Know how much the plan cost
• Go do the research and find out how much it costs to put down (assume 20%)
• Ex: Want to use $1,000/month to get a 10 unit apartment complex
• The cost to put down is $35,000
• It’s going to take 40 months to get the 10-unit apartment complex
• If you have $25,000, put that $25,000 into a vehicle that will yield you money, then take that money along with the $25,000 you already have, use $35,000 of it and buy your 10 unit apartment complex. Then take the remaining $15,000 and put it back into the vehicle to yield more money.
• https://news.yahoo.com/homeowners-home-equity-200843204.html#:~:text=Tappable%20home%20equity%20jumped%20by,trillion%20growth%20set%20in%202020 
• Money is useless if it’s not moving
• Know how long it’s going to take for your money mature to where you want it to go

3 Steps to Create Wealth — Grant Cardone

https://www.youtube.com/watch?v=8bS_KCVWTI0 

• You’ve got to make a decision what you want to do with your wealth
• Set a money goal

1. Go out and earn money

• There’s no shortage of success on planet earth
• Find out how to get money
• It’s about people
• Who can help you solve your how
• Who’s got your money

1. Figure out how to keep the money once you get it 

• People who pay pay attention
• Figure out the IRS game
• Make investments rather that spending money

1. Figure out how to make investments to multiply your wealth

• A social construct is an invisible world with invisible rules in an invisible government, and you are its #1 evangelist as well as its #1 prisoner.
• The only way to tear down a social construct is to introduce new information

Closing Thoughts

• You do not serve a God to where you learn something until Sept. 30th and not change
• Antonio is in the process of doing 11 certifications in AI, Machine Learning, and Data Science. He then is going to take that information and apply it to the video games he’s creating.

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