Name: I Got RICH When I Stopped Doing These 8 Things
Uploaded: 2024-08-03T14:56:04.000Z
Duration: 10 min 33 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

To-infinitive

This coming recession is your opportunity to get rich.

Well, that's what all the YouTubers seem to be saying.

You need to get rich and you need to get rich quick.

So let's talk about how you can win while others are losing.

The opportunity that is at our feet as I'm filming this video is absolutely insane.

So by being aware of the following eight traps, you'll be able to make much better choices with your money.

Money trap one, being scared to take risks.

Being scared of risky opportunities is understandable in such uncertain times.

As an investor and a businessman, my job is always to minimize risk.

Risk might sound sexy, but taking too much on is not a smart move.

I say this, but even when you've done everything in your power to minimize risk, there is still going to be some in every opportunity.

And we all know the cliche saying that when something is too good to be true, it probably is.

If you're lucky enough to be between the ages of 20 and 50, then you're at a huge tipping point in your life.

The decisions you make in this 30-year window will cause huge ripples that affect your loved ones like your parents, grandparents, partner, and kids, be that positively or negatively.

To put it simply, this time period could make or break your financial future.

So when an opportunity that could completely change your life presents itself, will you be paralyzed due to the recession or will you objectively analyze the risk and act not out of fear, but ambition?

Many millionaires say one of their five biggest life regrets was not being bolder.

The thought of what could have been eats away at you if you don't take that small leap of faith.

Money trap two, investing in things you don't understand.

This is the number one rule of investing.

It is extremely true, but every time a crisis happens, people totally ignore it.

It's great there's so much information being shared online now.

The rich are finally giving out their secrets and people are listening.

However, it is important to be careful about what advice you act on.

If you don't completely understand and invest in opportunity, stay away from it until you do.

I get lots of messages asking me my advice about stocks, cryptocurrency, and real estate.

It's obvious that some of these people have just watched a 10 minute video on the subject and are ready to put all their hard earned money into something that they don't fully understand.

Like I said before, risk is good, but it's your job to minimize that risk by doing as much research as possible.

You should never just take advice from one person on the internet, as everyone has different opinions on investment opportunities.

It's best to pull lots of opinions together so that you're able to make a more informed decision.

Many years ago, when I was in my early 20s, I nearly put a big chunk of money into an investment group.

Everything they touched seemed to turn to gold and I didn't really understand how they were doing it, so I passed on the opportunity.

Had I invested $50,000 a year later, I would have lost over $300,000 because they were leveraging every investment by six times.

It's a good lesson to learn though, because I would have previously thought the amount I invested would have been the maximum I could lose.

I had yet to discover the perils of margin trading and I'm glad it didn't cost me 300K to learn that lesson.

Luckily now there are apps like public.com where you can interact with a community of investors and learn together.

They also give you a free stock worth up to $1,000 when you sign up.

I'll leave that link in the description below.

This may sound a bit strange, not spending enough.

I thought you were meant to spend less and invest more.

Well, the thing is, if you don't spend enough money on good quality products, then it could actually end up costing you more money.

Being frugal with your money in some situations isn't a bad thing.

Like not spending too much on takeaways or shopping around for the best grocery deals.

However, if people start trying to cut costs on everything, then it could be pretty dangerous.

Let's say you have to take your car in for a repair.

If you go to the cheapest car repair shop, then you might be lucky enough to get a good service.

However, it's more likely that you aren't gonna get a quality job done as they can't afford to take the time to look after your car carefully.

They may cut corners and miss something or even lie about fixing the issue.

This means it's not gonna be long before your car has problems again and you'll have to go back and get it repaired properly.

You might as well have spent the extra money now, which will save you money in the future.

And of course, that's the best case scenario.

What if the car is still dangerous and it causes you to have an accident?

There are many things like a car repair that it's best to pay a little bit more for to be on the safe side.

Buying quality products and services also helps support the people that are offering them.

If no one buys these quality services, then they won't be there when we need them.

Money trap four, taking your job for granted.

With more people than ever losing their jobs and businesses going bankrupt, it's really not the time for people to take their job for granted.

If you have a steady job, then you're in a better position than a lot of people at the moment.

And you should do everything in your power to keep it that way.

If you want the ability to invest and having a strong income source, such as a job, is imperative.

However, when a business is in trouble, they often have to make some tough choices about who to fire first.

When the people in my team go the extra mile in a time like this, it doesn't go unnoticed.

If someone makes themselves indispensable to a business, then they're gonna be the ones holding onto their jobs longer than anyone else.

I've noticed a trend going around on TikTok called silently quitting.

The basic idea is to do just the bare minimum at your job.

I couldn't disagree more with this mentality.

It's important to remember that everyone is in the same boat and ideally an employer would love to save everyone's jobs.

In order for this to happen, then the business needs to be performing to the best of its ability.

One of my past members of staff would moan and complain about everything.

Then he decided to leave because he was offered a job with a higher salary and more perks.

As he left, I remember him saying, you'll be begging for me to come back.

He lasted less than a month at his new job.

As he couldn't hit the targets, he also hated the traveling and the long hours.

I'm not saying he begged for his job back, but he did ask.

And as you can imagine, there was no position for someone that just does the bare minimum.

There's an old saying that the grass is always greener on the other side.

Payday loan companies are like predators during these times.

They see people are struggling and they advertise to them nonstop.

Every time they open Facebook, every time they look at a billboard, every time they read a newspaper, get paid now, quick and easy.

Although a lot of people have become aware of this money trap, there are still lots that would consider taking out a payday loan and paying it back later.

This is one of the worst things someone can do as it has the potential to totally destroy your credit score, which could mean that buying a house or a car in the future could be a big challenge.

The interest rates on loans like these are sky high.

So you end up paying back way more than you actually borrowed.

By simply tracking your spending, you can avoid being in a situation where these predatory companies can take advantage of you.

Money trap six, not having a side hustle.

Although you shouldn't be taking your job for granted, it also shouldn't be your only way of generating income.

Think of a job as the foundation of your life.

If you're balancing everything on one foundation, when an earthquake hits such as a recession, your whole life is gonna crumble away.

By having a side hustle, you create another stream of income that strengthens the foundations of your life.

Now, if you lose your main job, you still have a source of income to pay your bills and it can prevent you from falling into bad debt.

My early jobs only just paid enough to keep my head above water.