Monday, March 18, 2019

7 Rules of Money - Neil Patel

In this video I'm going to share with you the seven rules of money. Do you want more money? Well, who doesn't? But did you know that making money isn't as hard or complicated as you think? If you follow the rules of money I shared in today’s video, you're going to be much better off in life and increase your net worth.

The first rule is you don't make money because you want to make it. You make it by solving problems. People like Elon Musk aren't rich because they're like, I want to be rich! Elon Musk is like, I want to send people into space because that's the future. I want to figure out a better way of transportation 'cause traffic sucks. That's The Boring Company. You see how he's solving problems? He made money because he's solving problems.

The second rule of money is you don't make it over night. Unless you win the lotto, you're not gonna be rich tomorrow and that's okay. You look at all the people out there, all the YouTube stars, or Facebook people or celebrities, none of 'em have made it over night. They put in their dues and you too are gonna have to put in your dues and if you're not willing to put in the energy and the time, money just doesn't miraculously come to you.

The third rule is you need to have your money work for you. You need to put it to work. You don't need fancy homes and cars and Ferrari's. If you put your money to work and put it in investments, you'll become much more wealthy over time versus if you buy all these fancy objects that you see people with on Instagram.
The fifth rule I have for you is learn from other successful investors. Other people have been in your shoes, they've made mistakes. They've tried to figure out how to make money. There's people like the CEO of IBM who will break down in their book how they made these big 50 million dollar mistakes.
The fourth rule I have for you is it's easier to save money than it is to make it. Yes, you want to make money and that's fine, everyone does. You need to work hard to make it but once you have some of it, don't just blow it. It's not just about blowing it on Ferrari's or even investments.
The seventh rule is it's all about timing. As Warren Buffet says, when people are greedy, be fearful and when people are fearful, be greedy. I'll give you an example of this. Good example of greed is when cryptocurrencies are all skyrocketing in prices everyone's greedy being like, they're gonna be the next billionaire. That's when you should consider being fearful because there's a good chance that you could lose a ton of money. On the flip side when everyone's fearful and let's say the real estate market crashes 40%, that's when you should be greedy. Because even though housing prices can still keep going down, you know that, hey they've already gone down a lot, no one wants to buy, this is a good time to start picking up because I know over the next five, 10, 15, 20 years, either way I'm gonna make money on the real estate because I bought it low enough.
The sixth rule of money is it's okay to miss out on opportunities. I missed out on the Air BNB investment and I missed out on a lot of other ones that would've made me a ton of money. That's okay, you're not gonna get 'em all. Just be more careful with what you pick. Do your due diligence. If something doesn't look right, don't do it.

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