0:01 Eight things I'll never do as a
0:03 millionaire. Listen, I've been in the
0:04 real estate business for over three
0:06 decades, and I've seen countless of
0:09 investors and entrepreneurs self-
0:11 sabotage their wealth, not with giant
0:15 mistakes, but with quiet, toxic habits.
0:17 Today, I'm breaking down the eight
0:19 things I would never do as a successful
0:21 real estate investor because they can
0:23 secretly destroy your wealth. So, let's
0:25 get into the strategy. Eight things
0:27 millionaires never do. These are wealth
0:30 killers. Number one, rely on only one
0:33 income source. So, no job, as you guys
0:36 should know, is 100% safe, especially if
0:37 you don't really know what's going on
0:39 with the actual business or company.
0:41 Relying on one single paycheck puts your
0:44 future entirely in the hands of a
0:48 company or a boss. This is the least
0:50 form of control that I can even think
0:52 of. The solution, of course, is to build
0:54 three to five streams of income.
0:56 investments, side businesses, real
0:58 estate to create stability and
1:00 accelerate wealth growth. If you don't
1:02 know how and you feel a bit overwhelmed,
1:05 don't worry. You just start with one.
1:08 But 65% of self-made millionaires have
1:10 at least three streams of income. So,
1:13 this is a big deal. Number two, treat
1:15 taxes like a punishment. So, some of you
1:18 might know that taxes will be the
1:20 biggest expense of your life. you will
1:23 work till April or May to pay the tax
1:25 collector first. So, you should be
1:28 viewing your taxes as a bill that takes
1:31 your money away. The wealthy, we view
1:34 the tax code as a road map that rewards
1:37 certain behaviors like starting a
1:39 business, investing, or saving for
1:41 retirement. These are all things that
1:44 are embedded into the tax code. And as
1:46 boring as it may be to look at, the
1:49 secret to a lot of investing is sitting
1:52 in the tax code. So the strategy is of
1:54 course to use legal deductions like
1:57 business expenses and benefit from lower
2:00 capital gains rates and use tax deferred
2:02 retirement accounts to keep more of your
2:05 earnings. The entire job here is not
2:08 necessarily to make more, but it's to
2:12 keep more. Number three, I consume
2:14 before I create. So most people spend
2:17 the best, most energetic hours of the
2:19 day consuming low value entertainment.
2:23 I'm talking about scrolling, binging,
2:25 those kinds of things. You need to
2:27 change your habits by starting the day
2:29 by working on income generating
2:31 activities. Things like building a
2:33 business, planning investments, writing
2:35 content. You're fresh in the morning.
2:38 Trust me, do this first thing because
2:40 consumption, whatever it is, becomes a
2:44 reward. It can be glass in your iPhone
2:47 or it can be a book or it can be writing
2:49 something or it can be writing content.
2:51 It's not a distraction that drains your
2:53 valuable time and attention. Consumption
2:56 becomes a reward, but do it in the right
2:59 place. Number four, avoid talking openly
3:01 about money. The problem, most people
3:04 avoid talking about money. They view it
3:07 as awkward, rude, or they fear judgment.
3:09 But the wealthy, they talk about their
3:11 investments, their strategies, and their
3:14 mistakes with trusted peers. That's the
3:15 only way that you're going to learn. You
3:18 need to learn by failure. We've all
3:20 failed. We've all lost money. And the
3:24 best way to not lose money is to learn
3:26 how did this work out for you? And put
3:28 it all on the table and talk about it
3:30 openly. Research shows that open
3:33 discussion leads to better ideas and
3:35 uncovers more and more opportunities.
3:38 Number five, just focus on income, not
3:40 on net worth. The mistake, of course, is
3:43 income is not wealth. High earners can
3:45 still live paycheck to paycheck with
3:47 debt. And we've seen that time and time
3:50 again. Because the minute you make a
3:52 little bit more, you upgrade your car,
3:55 you upgrade your lifestyle, you upgrade
3:58 your house, you upgrade whatever, it
4:00 never ever gets better. The true
4:02 measure, of course, is to focus on your
4:05 net worth, which is assets minus
4:08 liabilities, and of course, your active
4:10 and passive income. Gold is near
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4:57 This is not an offer to buy or sell
4:59 securities. Please review all risk
5:04 disclosures at monetary-metals.com.
5:10 to learn more. This is how much money
5:13 stays, grows, and works for you. The
5:15 change, of course, is prioritizing your
5:17 investing things like index funds,
5:20 rental property down payments over quick
5:23 depreciating purchases like the latest
5:26 iPhone or car upgrades or those kinds of
5:27 things. Uh you need to really pay
5:30 attention to things that depreciate and
5:32 things that don't, things that provide
5:34 cash flow and things that don't. This is
5:36 the difference between active and
5:40 passive income. Avoid all debt. Now, of
5:41 course, the distinction is is not all
5:43 debt is bad. There's good debt and
5:45 there's bad debt. So, good debt, of
5:47 course, is money borrowed to acquire
5:49 assets that increase in value or
5:52 generate income. Things that other
5:54 people pay off. So, [snorts] things like
5:55 a mortgage for cash flowing rental
5:57 property or a business loan. These are
6:00 very important types of leverage that
6:01 you would use. I would call that good
6:04 debt. But only, of course, if somebody
6:06 else pays it off or a business is paying
6:08 it off. The opposite of that, of course,
6:10 is using debt and buying assets that
6:12 depreciate. So eventually, your debt
6:14 could actually be higher than the asset
6:16 is worth. The key, of course, is
6:17 controlling your debt by knowing the
6:20 cost and ensuring the investment returns
6:22 more than just the interest rate. Number
6:25 seven, viewing money as a status symbol.
6:27 The middle class trap, of course, is
6:30 chasing a lifestyle to look successful.
6:33 Country clubs, nicer cars, bigger
6:35 houses, you get the drift. The wealthy,
6:37 they don't do that. They focus on
6:40 chasing financial freedom. They chase
6:42 financial freedom through cash flow,
6:45 through value creation. They make better
6:48 choices and they create opportunities.
6:50 And those opportunities and choices and
6:53 assets that they buy, well, then they go
6:56 ahead and buy that nicer car, the bigger
6:58 house, and those kinds of things. So,
7:02 focus on the assets, not on the
7:04 trinkets. The habit of course is let
7:06 your wealth quietly grow by keeping your
7:09 lifestyle behind your income. And number
7:12 eight, trade time for money forever. The
7:14 default of course here is getting paid
7:16 for hours worked. And the problem is
7:19 income stops the moment you stop
7:22 working. This is a trap. Work is
7:24 essentially a claim on your time. And
7:27 money should be used to replace that so
7:30 that you have more time. The transition,
7:33 of course, is to work hard initially,
7:35 save, then flip the equation by making
7:39 the money work for you. This is slower,
7:42 it's not as flashy, it's calculating,
7:45 it's strategic, and it's definitely a
7:47 longer term plan. The goal of all of
7:50 this is to build passive income streams
7:52 in your investments, your assets, and
7:55 your businesses. and you want them to
7:58 generate money even when you sleep, when
7:59 you're on vacation, whatever you're
8:01 doing. So, you want to move from being
8:05 paid 4 hours to being paid for value.
8:07 So, if you want to get out of the rat
8:09 race, you have to stop playing the game
8:11 like the average person. The eight
8:13 habits we discussed aren't just
8:16 mistakes, they are wealth destroyers.
8:18 Watch yourself and keep an eye on that
