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  • How long do you think you need to make $1 millionIf you're a professional lawyer engineer or an  

  • accountant, who makes like 100 dollars an hourIn that case, you need to save every penny you  

  • earn for five years in a row. Which is impossible  because you need food on the table and a roof over  

  • your head. But let's just say hypothetically, how  long do you need to make a billion dollars. If you  

  • earn 100 dollars for every hour, you are aliveassuming you work 24/7 and don't sleep, eat or do  

  • anything else, you need 1141 years. And you still  won't make 1 percent of Jeff Bezos's net worth.  

  • Because to compete with Jeff Bezos, you  need to multiply that number by 200. 

  • That really shows you that there is no way  to build wealth if your plan to just make  

  • more money per hour. There are other ways, such  as making your money work for you, that we have  

  • discussed in previous videos or creating something  that brings value to a huge number of people  

  • like most of these entrepreneurs have done. I mean, when you create an operating  

  • system (Windows XP) that 95% of all computers  use. You instantly make billions of dollars  

  • since there are billions of computers worldwideOr a platform that delivers billions of packages  

  • annually to hundreds of millions of people. You  make billions of dollars as well. But you don't  

  • need that much money, to be honest. Every extra  dollar you earn after paying all of your bills  

  • is just another digit on your smartphone. On my way to financial freedom,  

  • I have realized that habits have played  a huge role in my personal success.  

  • If there is one piece of advice I will give  to anyone striving to become financially free,  

  • focus on acquiring the right habits. Because  if you do not, you will automatically develop  

  • bad habits since we humans are creatures of  habits which is why I want to talk in this  

  • video about some of the most important habits  that helped me achieve financial freedom

  • But before we move, make sure to give this  video a thumbs up for the youtube algorithm.

  • 1. The number one habit that I would recommend  everyone to start with is tracking every dollar  

  • you spend. It sounds so simple, but it's by  far the most important and effective habit  

  • you can develop, and many people take it for  granted. They think they can do it in their head,  

  • but it doesn't work, you need to write it  somewhere, whether you write in a journal,  

  • use an app or do it through excel, you  should set up a system where you can easily  

  • find out where exactly do you spend your money. Some people have so many subscriptions that they  

  • don't use much but waste a fortune. A 10 dollar  subscription here, 15 dollar subscription there,  

  • a 12 dollar subscription here, in a single  month, they turn to 37 dollars or 444 dollars  

  • a year. Imagine investing that money instead  that will turn into a fortune. In 30 years,  

  • that will turn into over 92K dollars. It is a good  example to illustrate that that every dollar you  

  • save today will become far more valuable in  the future through the power of compounding

  • It's so easy to waste money that even if you make  ten times the amount you need, you can easily blow  

  • it up if you do not track your spending. I  can say that from my personal experience.

  • 2. The second habit I would recommend is - build  systems. I try to automate everything in my life  

  • because as you get older, you start to understand  that the most valuable thing you ever have  

  • is time. Believe me, time doesn't equal moneyTime is far more important than money. The amount  

  • of free time you have is the ultimate sign of how  wealthy you are! Because the more free time you  

  • have, the more time you can spend on thinkingstudying, and finding more ways to make money

  • Take, for example, tracking your spendings. It  takes a lot of time to track your spendings,  

  • but for me, I don't spend more than 30 to  40 minutes a month on that because I have  

  • already created a system where I can do  that quickly. I use to use excel before,  

  • but now I use Notion. I have created  a table with all of my expenses,  

  • subscriptions, income, and everything else.  I have fixed expenses and variable expenses.  

  • The moment I get a new subscription or  another fixed expense, I immediately add it

  • I try to pay for everything with my credit  card, and at the end of every week, I just  

  • match my spendings through my banking app with my  budget. If it matches, I am doing great. If not,  

  • then I try to adjust my spendings. With minimum  effort and time, I keep my spendings in check

  • Or let's say I am analyzing a certain companyThere are a few metrics I look for in a company.  

  • If it meets my standards, I take an  in-depth look into it. If it doesn't,  

  • I just skip it so I don't waste time looking  at companies I would not invest anyways

  • So, look at your life, your job, your  responsibilities and figure out how  

  • you can automate them and thank me later when  you realise how much time its going to save you.

  • 3. The third habit is - don't invest in what  you don't understand. If there is one piece of  

  • advice I would give to my younger self, then it  would be this. This is the mistake that I made  

  • multiple times, and I see people doing it over and  over. Investing is risky. It doesn't matter what  

  • you invest in! And when you invest in something  you don't understand, it's worst than gambling.  

  • You are almost guaranteed to lose money. Here is the lesson - there is no such  

  • thing called as investing in one  thing is better than the other.  

  • Overall the economy is moving forward, so whether  you invest in the stock market, real estate,  

  • startups, your own business, an ETF, it doesn't  matter! in the long run, they are all profitable

  • The challenge is to pick the right real estatethe right stock, or the most promising business  

  • and the only way to do that is to have a deep  understanding of that industry. When they say  

  • that you should diversify your investmentkeep 40 percent of your portfolio in stocks,  

  • 30 percent in real estate, and the  rest in different asset classes

  • That advice is for people who already  have tenths of millions of dollars,  

  • not for the average folk who  lives paycheck to paycheck.  

  • So forget all of that, and focus only  on one industry or one asset class.

  • 4. Produce instead of consume Our society is divided into two are groups.  

  • The first ones are the producers and the second  ones are the consumers. We're all somewhere in  

  • the middle. No one is entirely a consumer or fully  a producer. But the question is, are you more of  

  • a producer, or are you more of a consumer? Take Youtube, for example. There are people  

  • who create content, and then there are people who  consume that content. the question is - which one  

  • are you? The ones who produce are probably much  better financially than the ones who consume

  • If you spend most of the time just consuming  and consuming, you shouldn't be surprised  

  • if you're doing horrible financially. Start  thinking about how you can become a producer.  

  • It's not just about YouTube it's  pretty much about everything else

  • But today it's really difficult. Because you are  constantly distracted by what others produce. The  

  • moment you pick up your phone, you get  bombarded by what others are producing,  

  • you end up wasting hours and hours of  your time watching YouTube when instead  

  • you planned just to check out what's going on. So start making that shift. If I am spending 4  

  • or 5 hours a day workings and the rest,  I spend consuming. How can I at least  

  • spend half of my time producing and whatcan produce? The moment you make that change,  

  • you will not just start making more moneybut you will start spending less money.

  • 5. The final habit is - think  twice before making a decision

  • This habit might not seem so important, but  it's one of the most important habits I have  

  • ever developed. Often what happens with us  is that we take decisions without giving them  

  • much thought and then later down the roadwe realised that it was a terrible decision

  • You waste a grand to buy a gadget and then realize  that it was a waste of money. You take a loan and  

  • then find out that it was unnecessary, but it's  too late already. The damage has been done.  

  • I have made that mistake a million times, so  despite the importance of being able to make  

  • decisions fast and quickly. I give myself more  time. If I can postpone it to the next day and  

  • think about it in the morning with fresh ahead,  I would do it. Especially if its spending a lot  

  • of money or a long term commitmentTry not to take instant decisions.  

  • In fact, the fewer decisions you take, the betterThat's why habit number 2 is so important, because  

  • the more you can automate, the more time you  will have to spend on more important decisions.

  • If you have enjoyed this video, you will most  definitely enjoy this custom playlist that I  

  • have created specifically for you that  has our most popular videos on business,  

  • investing, and the stock market that  can potentially change your life

  • And now give this video the thumbs  up that it deserves and make sure to  

  • subscribe if you haven't done that yet. Thanks for watching and until next.

How long do you think you need to make $1 millionIf you're a professional lawyer engineer or an  

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5 Millionaire Habits That Changed My Life

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    Summer posted on 2021/03/27
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