many subscribers thank you so much for joining me today I am Jeremy this is the financial education Channel in today we're talking about how to get a half-million dollar net worth by age 30 now for close you guys you might be watching this at our 28 29 years old and you don't have much of a network think about it more as trying to do that by age 40 because you're kind of running out of time but if you're age 25 or younger I absolutely believe it is possible to pull it off if you do this game plan and you execute this game plan it's big time and I can already see the comments incoming Jeremy there's going to be so hard to do yeah no like everything in life is hard if you want to succeed if you want to do anything big-time that out of the normal realm of things it's going to be hard like there's no way to sugarcoat it like it's going to be difficult I thought I was going to be able to pull this off easily I was over two hundred thousand dollars before I was even age 25 and then you know what happened I lost a bunch of money that year so I started margin trading and the next year I lost $75,000 and I thought there's no way I would ever hit a half million by 30 and now once again I'm believing it is possible guys so I'm going to kind of lay out the game plan to you guys today I hope you enjoy it and let's just get right into this so number one number one biggest thing is you need to surround yourself with people that are going places people that are focused what you have especially when you're in your early 20s you know 18 19 you've got a lot of people that are not very focused that you can surround yourself with people that just weren't ready for adulthood yet they're just want to chill back and just kind of not do much with their life they just want to sit on the couch and watch Netflix all night or do whatever if you want to reach a goal like this that's not an easy goal it's not easy but it is very possible you need to surround yourself with people that are going places people that are focused that will not hold you back the kind of people that will just sit there on the couch and say come smoke this joint with me like those are the kind of people you do not want to be around because they're not going places so and if you can't find people that are focused that are striving to be the best they can and those kinds of things that aren't just floaters that's I call them then what you need to do is you need to surround yourself with nobody you need to just alienate everybody and be your own person and focus on what you've got focus because you do not want negative influences bringing you in back because that's exactly what's going to happen people are not going to want you to really succeed because if you're succeeding that means you're going to be busier if you're busier that means it's less time that you can chill with them and do things like that and hang out so you got to just either just kind of you know alienate yourself from everybody or you need to just find people that are focused and it's hard to find people that are focused at that age even when you get older it's still hard to find people so that is key number one by far guys number two you need to find multiple sources of income as soon as possible as soon as possible for a long time I thought I was good just making my one income which I was making a lot you know really good money I was making fifty plus thousand a year age twenty-one twenty-two twenty-three years old which is the most money I've ever have anybody I've ever known in real life that's the most money I've ever known anybody is myself like no one I've ever known made more money than me at those ages so what you need to do is you need to find still another income source so let's say you get that good job so you maybe they're not making 50k maybe you're making 40k you need to find another way to make another income source you can get up to around $100,000 income now you can say all men either you know a full-time job already that's going to be so hard all this and blah blah blah let's break down the hours here so you've got a certain amount of hours in a week right well let's say you work I used to work 46 hours a week at Kwik Trip so 46 hours you can subtract that and you can subtract eight hours of sleep per day which is the like a lot of out horse to sleep eight hours per day per week and then add that to the 46 hours subtract that from what you have and you have 66 free hours 66 free hours in a week that you can do whatever so let's say you spend let's say you spend 36 hours eating taking showers talking on the phone with friends hanging out with friends or family doing all those take the things 36 hours that's a lot of time next to leaves you with 33 hours in a week what do you do with those 33 hours well what you don't do is go get another job works 30 hours a week and replace that time with that you need to find a way to make money on your own some way 30 hours a week subway you got to do something entrepreneurial there's a million ideas out there guys you like searching you know things you can do from home or entrepreneurs think I got a million videos about passive income in different ways you can make passive income those kinds of things guys is like a billion different ways you can make money from the extra 30 hours a week that you spend and so spend in another 30 hours doing leisure activities spend that 30 hours trying to find ways to make money on your own weathers flip and things was making passive income some somehow whether it's creating content whatever it is whether it's being an author like in some way find a way that you're passionate about hopefully cuz you need to find something you're passionate about because that will really propel you to succeed in that thing because you'll be able to just think about ways on how to succeed if you're really passionate about you'll be able to keep pushing on it because you know success might not come right away might come six months down the road a year down the road two years down the road but you got to find a way to get multiple income sources and you're not going to cut it with one income source I'm sorry I hate to tell you that the chances you're going to be 23 24 25 years old and making over a hundred thousand a year it's like you know 0.01% chance I get to ridiculously low the changes you can have a job they can make let's say 40k 50k a year and then have another income where you're making maybe 40k 50k a year and you're pushing up to that hundred thousand dollar number per year of income that is a lot better chance guy so do that make sure you have multiple income sources number three we need to keep expenses minimal and I know it's going to be hard because you're you're got this money coming in you're making good money in all this you make an eighty thousand a hundred thousand one hundred twenty thousand a year and you're really succeeding and you just want to go out and buy all the stuff that you never had you dreamed about all you want to buy that fancy car I want to buy you know this nice house so you can look successful in jewelry and whatever it is special clothing all the fanciest electronics you need to keep expensive as minimal as possible if you want to reach that goal of a net worth of five hundred thousand by age 30 you need to keep expenses minimal I would say try to keep expenses at twenty thousand or less especially if you don't have you know wife and kids if you're watching us or a husband and kids like try to keep those expenses minimal try to keep them at $20,000 a year or less so then you say okay if you're making let's say you're making 100k a year between your two businesses or maybe you're making three businesses right you're making all that money so after taxes if you live in America you're probably going to get about $75,000 then let's say your expenses are twenty thousand maybe twenty-five thousand a year between your car payments if you have a car you know your your apartment if you're running that if you're renting a house if you own a house whatever let's say that's about twenty five thousand dollars a year so then 75 thousand minus twenty five thousand that leaves you with about fifty thousand dollars extra there at the end of the pie now we're talking about some real money that you can go out and do some things with guys step number four learn everything you can about taxes taxes will eat into your money so fast you need to learn everything possible about taxes like like ways you can make investments where it doesn't cost you as much money like if you sell a stock at 11 months versus selling that stock at 13 months you can have to pay to weigh different tax rates one's going to be taxed the eleven month one would be taxed at your normal tax rate which is much higher and if you've held it for thirteen months and then you go ahead and do a capital gains on that like if it ends attacks much less so you need to think about all these things when you're making trades when you're investing in those kinds of things guys because it taxes will eat up your money so fast you need to find out you know what type of deductions you can get and don't just count on a tax advisor doing all that for you because the problem you have is especially you know with a lot of the cheaper ones which is probably going to be the ones you're going to use that you're not going to be balling out of control you aren't going to have some special accountant or something right you're going to be using H&R Block or something like that if you if you don't want to do your text yourself problem is most people are really Disney they're getting paid you know just an okay wage and they may not look into all the things guy they might miss some stuff here and there so what you need to do you need to make sure that if you don't want to do your taxes on your own then you still need to be very educated on that so then they are not making a mistake in your being able to double check and know realistically wait I should have that deduction on this deduction how come this isn't in here guys so very vague pay attention taxes because that will eat up your money so fast if you do not pay attention to it number five you need to invest like crazy you need to learn everything you possibly can about the stock market and if the stock markets away you go if you unless you don't want to investment stock market then you need to find some other kind of way to invest that's not super risky that you can make money in a good amount of money right let's say stock markets away you need to invest like crazy you've got that extra fifty thousand dollars a or maybe forty thousand dollars a year to go ahead and funnel into your brokerage account you need to invest that money into five to ten different stocks so you're a little bit diversified around your portfolio into the best companies you possibly can so then you can make the biggest gains possible because the problem is if you let's say let's say you're 25 years old at this point right and at that time let's say you had no net worth but you're making your extra fifty thousand a year as far as you know it's going to your savings if you just kept saving that money when you're age thirty that's nine shoes you're going to have your have two hundred fifty thousand dollars saved by age 30 you're not going to have five hundred thousand the way you get there is by investing that money and having that money make you more money then you can get there especially if you're doing well as far as your stock taking those and we're not in a bear market or something like that so you need to invest like crazy five ten different stocks learn everything possible and number six is you need to reinvest games back into stock so when you get a game you sell let's say you buy Johnson Johnson stock you hold that for 18 months humans let's say you make a $10,000 profit on that you would take that $10,000 profit out and buy yourself something with it or you can go ahead and reinvest that back into another stock that you like a lot and then that money will make you even more money because you've got the first amount of capital in there Plus that $10,000 in gain and then you get a lot more money coming to you so make sure you reinvest in those games and you're not just going out and buying stuff with it by assets with that money guys and then it will make you into more money which is a beautiful beautiful thing so that is the blueprint on how you can get to five hundred thousand dollar network by thirty I believe I can achieve it I believe you guys can achieve especially if you're watching this in your ear in your early 20s or if you're watching this and you're still a teenager like you guys can do it it's an idea it's going to be a pain that's going to be a lot of hard work is going to be a lot of hard decisions but you can absolutely do it make sure the big thing is make sure you have multiple incomes that's going to be huge for you guys and when you're thinking about multiple incomes don't just think about it doing one thing like like for me I'm a double business owner right but well let's say my real estate business I don't just do videography right I also do photography I also do community videos like I do a lot of different products in that business let's say the financial education channel like I don't just rely on ads being played on my channels like I only get paid if somebody watches 15 seconds or more of an ad otherwise I don't get paid for them watching that video right I don't just rely on that I also have a book that's come out a couple of month and a half ago I have another book that's probably coming late this summer or in the early next fall about entrepreneurship so I'll have two different books out I get paid some affiliate links that are linked in there that I show some my other favorite books out there in case people want to buy it like I have a different way to make money just around this so when you're thinking about whatever other kind of business you want to make another kind of way of making money think about how you can do it not just this one thing but how you can develop some side pieces around that one thing that will bring you in a lot more money guys so that is a blueprint that's the blueprint on how to do a guide I hope you can succeed out there if you're watching us you're older than 30 just think about it how do I do it by 40 if you're 40 years old you're watching this how do I do it by 50 if you're not already there guys so hope you enjoyed if you just came across this channel you may want to subscribe we talk personal finance and channel a little personal finance in it we talk entrepreneurship this had a little entrepreneurship in it and we talked the stock market in the stock market in the guys thank you for watching and have a great day
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Today we talk about how to get a net worth of $500,000 or a half a million dollars by age 30! I will lay out the blueprint to get a $500,000 net wroth in this video!
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