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Here at the #SavagePodcast we talk about how to start up a company. We are trying to inspire people to become entrepreneurs to reach financial freedom in one's life. We...
show more
Here at the #SavagePodcast we talk about how to start up a company. We are trying to inspire people to become entrepreneurs to reach financial freedom in one's life. We must reach for our goals and dreams to be successful in this life.
show less
Savage The Podcast
Savage The Podcast
Explicit
13 SEP 2018 · Learning how to work on the savings account and building money for the long-term.
Only sixteen and a half percent of Millennials have over $20,000 in savings. Only sixteen and a half. So what’s the problem? Savings. We need more savings. We need you to have more money in your pocket.
So why don’t people have more money in their pocket? Because of five different challenges:
Income
Expenses
Taxes
Investments
Identity.
A lot of times people say, “Man, I want to have a very big income.” Well, you may have a big expense problem. Because what’s left is what matters to you, right? And then there’s taxes, but that’s a whole different discussion we’ll have.
So think about two examples here:
Example number one- We have somebody that makes $250,000 every year. That’s a quarter million dollar annual income. Many would say, “God, I wish made a quarter million dollar a year income.” Many people make a quarter million dollar a year income. But that same person spends $280,000 a year. That means he’s losing $30,000 per year. You know how many people I know like this? Hundreds of people that overspend what they make.
Example number two- Somebody makes $80,000 per year but they only spend $60,000. They keep $20,000 per year. The guy making $80,000 is saving more than the guy making a quarter million dollar a year income. So one has an income problem, because this guy would love to make a quarter million. The other guy has an expense problem; This guy wishes he only spent $60,000 per year.
So you may say, “Well, Pat. Okay. I want to make money.” Well, let’s talk about your income and expense problem first.
Let’s first start off with income.
What do you do to increase your income? If you have a job today and you’re watching this and if you don’t have something you do on the side, but you know every single talk show at night that you watch … Netflix, all this other stuff, you’re wasting your time. You don’t really care about have a lot of money. You’re just hoping to get lucky.
If you got a job and you’re broke, there’s no reason you should be coming home at night to watch TV. You should be selling something, creating something, learning a skill, having a side hustle, working overtime, getting another job on the side. You need to be selling something. And the highest paid money … the highest paid skill that you can learn about making more money is sales.
Number two, let’s talk about expenses.
You need to fire your consultant. If you’re a business owner running a business and you may have somebody doing a website for you, designing a logo for you, doing all this other stuff for you. Guess who they use?
They need to act like they’re the consultant but they go behind closed doors and they use company called Fiverr, which by the way, this video is sponsored by Fiverr. You just saw recently we teamed up with Fiverr. And everyone knows, you could go back to watch many videos in the past. I love Fiverr. I spent hundreds of thousands of dollars before I realized all these consultants could be found elsewhere.
What else can you do to minimize your expenses? Renegotiate all your contracts. Go through your monthly expense on what you’re spending on a monthly basis. Renegotiate your phone bill, renegotiate your cable bill. Renegotiate your cell phone bill. Renegotiate your internet bill. Renegotiate your dry cleaning rates. Go to your dry cleaners and say, “Man, I’ve been a customer of yours for 10 years, can you give me a discount?”
Renegotiate your tailor. Renegotiate every single thing. Every month I pull my director of finance aside and I say, “Who do we spend money on? It’s time to go renegotiate. We’ve been a customer with them for five years. How much money have we spent? Renegotiating time. Renegotiating time. Renegotiating time. Renegotiate all your contracts.
Live below your means. Listen, for a long time for myself, the reason why a lot of people don’t have money and savings to be able to double that money is because they overspend. Why do you go to Starbucks? Who cares about Starbucks? I even own Starbucks stock. I should be telling to go buy Starbucks but why are you going to Starbucks? Why five bucks? Go to Dunkin’ Donuts, a buck fifty, buck 75. Go to 7/11 seventy-five cents what is it ninety nine cents. How much is it? Dollar twenty something right, you go to 7/11. Stop going to these name places. Stop going to all these places you’re spending all this money on.
Live below your means. By the way, I had a quarter million dollars in the bank and I was driving a Ford Focus. I was worth nearly 10 million dollars and I was renting. I was renting a small place and I was worth 10 million. Nearly 10 million and nobody knew it. I’m renting and everybody would say, “I can’t believe you’re a millionaire and you would live in a place like this and you would rent it. Denver Post came out to me and they wrote an article saying, “This CEO and entrepreneur believes that real estate isn’t the American dream.” I said, “Absolutely it’s not.”
Because I was renting and everybody was criticizing me. Live below your means. Rent everything you can, for a long time. Rent everything you can. Use technology on minimizing payroll if you’re running a company. Have fewer employees pay higher. So don’t try to hire way, way, way too many employees. Have fewer employees, pay higher. You’ll keep them loyal so you don’t have to constantly going through new employees new employees new employees. Pay higher. Higher fewer. And then obviously, fire your consultants.
Next is taxes.
You know, sometimes … I mean, think about this … This quarter million dollar income guy or girl … if he or she lives in New York or LA versus Texas. This person’s paying an additional nine to 13 percent. Most likely 13% just for living in New York and for living in California. If it’s 10% on a quarter million that’s an additional $25,000 that went to the state that you wouldn’t be paying if you were living in the state of Texas, Nevada, I think Tennessee is one of them. Florida. There’s five or six states that you don’t pay any state taxes in.
So by the way, taxes is another issue you may be having. You need to sit down and figure out long term planning on what kind of money you want to really make. And how do you position yourself in the right place. I was in Florida last week. I was in Miami and I was in Orlando and I said, “The state of Florida’s governor must be the worst recruiter in the world”. Because if I was the governor of Florida, I would have more Fortune 500 headquarters there than any other state, including Texas, although Texas is tied with New York right now. I think they’re competing for number one spot. I’d have everybody there. The weather is amazing and you can pay no taxes in the state of Florida. Taxes is another issue that you may be facing.
Next one is now investments.
So let’s talk about investments here. All investments fall under these four different categories:
You have high-risk, low return.
You have low-risk, low return. (this is like your money market account, your savings, your cash)
You have low-risk, high return.
You have high-risk, high-return, (High-risk, high return could be penny stocks)
The bigger the company or the stock could be lower here. For instance let’s just say low-risk. Wal-Mart may be a lower risk. And I don’t know how to hide the returns. They may be here. High-risk, low-return there’s a lot of investments that you go out there and you buy companies saying, “Man, you know if … this company really takes off it could do this.” But there’s not really a high return on it.
So, here’s how to double your money:
This is the rule you gotta be thinking about. Rule of 72 and the rule of 105. It’s basic math. Rule of 72 is how long it takes for your money to double. So, what happens is, whatever interest you get per year, you divide it by 72. Meaning, if I want to get 72% every year on my money, that means it’s gonna take one year for my money to double.
If I make 36% return on my money, it’ll take my money two years to double. If I make 24%, three years. Eighteen percent, four years. Twelve percent, six years. Nine percent, eight years. Six percent, twelve years.
The same math applies on the 105 except this is how long it takes for your money to triple. So you would take … If I get 50%, that means, it would my money two years to triple. Same exact thing. You divide the 105 by the interest you’re getting on how long it would take your money to double or triple.
So you may say, “Pat, I would love to have 72%. Is there something like that out there? I would love to have nine percent. Is there something like that out there?” The decision you gotta make is you gotta answer two things. What’s your risk tolerance? And what’s your time horizon?
Let’s talk a little bit about going back to this on the investment side. A few things you gotta keep in mind about investments. People send me emails and they’ll say, “Do you think I need to invest in Uber? Do you think I need to invest in SnapChat? Do you think I need to invest in Facebook? Do you think I need to invest in this stock? What do you think about this ticker?” And they’ll send it to me, all the time, all the time. They just want me to go through their tickers. And I’m not doing that. I’m a series seven broker. Series six, 31, 26 [inaudible 00:10:58] securities all this other stuff. But I’m not doing that on [inaudible 00:11:01]. I am more concerned about you getting the right mindset than trying to pick the next stock.
I was at the flower shop the other day. And these successful Iranians who own this flower shop and they come to me and they say, “Look, everyone knows who you are and how successful is your business. Give us one tip on where we should invest.”
I said, “I don’t give those tips. My goal is to make you think right.
IF you think right you’ll learn how to double your money.”
http://www.patrickbetdavid.com/double-money/
Explicit
20 AUG 2018 · Here are some tips for learning from failure:
1. Take The Risk And Pay the Price
Nothing ventured, nothing gain. You have to be willing to take the risk venture beyond the comfort zone regardless of what area you are in to gain some form of success. Think about the entrepreneurs, scientists, leaders, and businesses that took the path less trodden and how they were rewarded handsomely.
If you are willing to pay the price with the risk you take, then the returns may just surprise you. But, but what if I fail, you ask.
2. Know It’s OK To Fail, Really
Yes, it’s OK to fail. The adage we learn from failure is true. Be open with your mind, eyes and ears. The lessons are there for you to understand and do better next time. Think about what you have done right, what you can do better and what you should stop doing. That is one of the easiest ways to analyze how to learn from failure. One side point, in cases like these I dislike to use the word failure. Setback is my preferred word.
3. Realize Experience Is The Best Teacher
Think about this, if you do not fail in any of your endeavor, how do you learn to be better? How do you become wiser? People say experience is the best teacher. If you accept that to be true then you need to accept failure as one of the many lessons you gain from experience. So, you get to learn from failure. It’s that simple. Think about failure as lessons paid in the journey of life.
4. Allow Yourself The Freedom To Fail
Allow yourself the freedom to fail if you want to learn from failure. When you are too cautious, you do not allow yourself to take any risks. If you are safe all the time, then you are not giving yourself the opportunity to learn from failure. Give yourself the freedom to fail and see how the lessons of success open up for you.
5. Let The Fear Of Failure Help You Succeed
The fear of failure may not necessarily be a bad thing, as it can propel you to succeed. Some people use it as a motivating factor to ensure they succeed. As long as you do not get paralyzed into inaction and limit your appetite for taking risk, I believe the fear of failure as a propelling factor can be of good use.
6. Welcome Failure
There can be no success without failure. You should welcome failure as an opportunity to learn and you will learn from failure. The fees for learning from failure may seem too high sometimes, but in the long run you will somehow discover it a worthwhile price to pay.
Explicit
8 AUG 2018 · The 5-Hour Rule That Turns Ordinary People Into Successful Ones
The 5-hour rule involves spending five hours a week, or one hour each working day focused on deliberate learning. This means setting aside time to give your full attention to learning and development, without getting distracted by other work. This learning can take different forms and a mix of these will give you the most well-rounded experience.
Spend 5 Hours A Week On Deliberate Learning
The 5-hour rule involves spending five hours a week, or one hour each working day focused on deliberate learning. This means setting aside time to give your full attention to learning and development, without getting distracted by other work. This learning can take different forms and a mix of these will give you the most well-rounded experience.
Reading
Reading is a habit of many highly successful people and is an easy and convenient way to learn. Try keeping a book in your bag at all times and setting yourself up with reading goals each week. You could aim to read a chapter a day or a certain number of books each month. The wide availability of eBooks makes reading on almost any topic possible wherever you are. Bill Gates is a famous advocate of reading and reads around 50 books each year, crediting it as one of the main ways that he learns.[2]
Reflection
Reflection is a key part of learning. Trying to consume too much information without reflecting on it can lead you to feel overwhelmed and prevents you from picking up new skills. It’s important that your reflection time is structured, or you could get distracted. Try keeping a journal, which will allow you to reflect on what you’ve learned through reading. It will also give you the chance to think about lessons you’ve recently learned during work and develop ideas you have for the future.
Experimentation
Experimentation is essential if you want to progress in life. Set aside sometime each week to test out new theories or ideas, no matter how crazy they are. Some of the most successful products in the world have come about as a result of experimentation. Innovation never comes from doing the same thing over and over. Even if your experiment fails, you’ll have learned valuable lessons.
Don’t Confuse Working With Learning
It’s easy to confuse working with learning, and this is how you can end up feeling stuck. You might think that working for 40 hours a week should be enough for you to see improvement, but that’s rarely the case. While you’re focused on day-to-day problems, you’re not giving yourself time to develop and grow. The 5-hour rule is about deliberate learning, not about going to work every day and hoping you might learn something. Set yourself specific learning goals and give yourself time to achieve them, and you’ll see a vast amount of improvement.
Focus On Improvement, Not Just Productivity
You might believe that the more productive you are, the more successful you’ll be. Productivity plays a role in success, but it’s nothing without lifelong learning. If you’re constantly focused on your current work, rather than on long-term self-improvement, you’ll never see much development. It can be hard to allow yourself five hours a week for learning that doesn’t come with an immediate reward, but you’ll thank yourself for it in the long run. Try to look beyond your daily paycheck and dedicate time to becoming the best possible version of yourself instead.
Take inspiration from some of the world’s most successful entrepreneurs and spend 5-hours a week on deliberate learning. You’ll soon be light years ahead of your friends and colleagues, and well on your way to success.
Explicit
7 AUG 2018 · We talk about beating social norms and breaking out to your full potential. People will tell you won't be able to complete the task ahead of you that is a hurdle that you must jump. So get ready to break the social constructs around you.
Explicit
23 JUL 2018 · Learning the art of patience & humility is one of the hardest things we can do as an entrepreneur. Learning how to fall before you jump is key to pushing your goals.
Here at the #SavagePodcast we talk about how to start up a company. We are trying to inspire people to become entrepreneurs to reach financial freedom in one's life. We...
show more
Here at the #SavagePodcast we talk about how to start up a company. We are trying to inspire people to become entrepreneurs to reach financial freedom in one's life. We must reach for our goals and dreams to be successful in this life.
show less
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| Author | Johnny Lankford |
| Organization | Johnny Lankford |
| Categories | News |
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