Okay, so let’s shift gears and talk about how we can navigate today’s financial challenges. As you mentioned, there is no denying that we are in the midst of a recession, and the middle and low-income brackets will likely suffer the most. However, there are several steps we can take to navigate this period and minimize the impact on our finances.
Firstly, we need to focus on building multiple streams of income. Most of us depend on a single source of income, usually our job, to pay our bills and cover our expenses. However, this can be a risky strategy in times of economic uncertainty. We need to look for alternative sources of income, such as freelancing, starting a small business, or investing in real estate or stocks. The key is to diversify our income sources as much as possible to reduce reliance on any single basis.
Secondly, we must consider our expenses and identify where to cut back. With income likely to be reduced, we must reduce our costs as much as possible. This may involve cutting back on unnecessary expenses such as eating out or fancy clothes and prioritizing only crucial bills like rent, utilities, and groceries.
Thirdly, we need to focus on building an emergency fund. The pandemic has highlighted the importance of having a financial cushion to fall back on in times of need. We need to start setting aside some savings for emergencies so that we are not forced to rely on credit or loans when unexpected expenses crop up.
Fourthly, we need to invest in our financial education. Most of us have not been taught how to manage our finances properly, so it is vital to take the time to learn about budgeting, saving, investing, and other financial strategies.
Finally, we need to avoid panicking. It is easy to make rash decisions when worrying about our finances, but this can lead to further financial trouble. Instead, we must remain calm and take a step-by-step approach to managing our finances.
In conclusion, building wealth and navigating challenging financial periods requires a mindset shift and practical action. To achieve financial freedom, we must focus on multiple income streams, expense reduction, emergency funds, financial education, and avoiding panic. It takes effort and discipline, but the rewards are well worth it.
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Summary of Transcript:
In the video, the speaker discusses three lousy money habits that break people: not investing, spending money they don’t have, and buying things they don’t need. The speaker emphasizes the importance of correctly learning how to spend, save, invest, and borrow money. He also argues that America’s wealth is built on entrepreneurship, which is not the only path to building wealth but is an important catalyst. Finally, the speaker believes that the middle and low class will suffer the most in the current economic recession and encourages people to navigate their money correctly to make it through.
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Summary of Description:
In this episode, Wallstreet Trapper, a financial business and investment coach, joins Tom to discuss how living paycheck to paycheck kills millions of dreams and buries the opportunity for wealth. Wallstreet Trapper simplifies the investment game to make it possible for everyone, advising individuals to learn how to save, spend, invest, and borrow money to build wealth in ways they didn’t think were possible. They discuss the three money habits keeping people broke, how Business isn’t the only way to wealth, the structure of a poverty mindset, and the importance of building relationships with successful people to get into certain rooms. Wallstreet Trapper emphasizes that information and knowledge are crucial to improving one’s financial habits and building wealth.
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Source Description
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On Today’s Episode:
Does paying on Friday and being broke by Monday feel familiar to you? You don’t have the money to invest and purchase assets, but possibly losing money to stocks is more painful than spending $80 on food and drinks for a night out. Living paycheck to paycheck is killing millions of dreams and burying the opportunity for wealth alive.
Not knowing what to do with the money you earn will keep you broke, frustrated, and feeling deflated when you have one financial emergency.
Wallstreet Trapper, the financial business and investment coach t, simplifies the investment game to make it possible for everyone. He believes in building wealth one share at a time and is joining Tom for a conversation that is as jaw-dropping as it is information-rich.
His advice is simple. Learn how to save, spend, invest, and borrow money to build wealth in ways you didn’t think were possible. Information and knowledge are the keys; the sooner you recognize that your money habits are breaking you, the faster you can improve your mindset and build wealth.
Catch Wallstreet Trapper’s background story and 1st episode with Tom here: https://youtu.be/TXNFLgl3Y1c
SHOW NOTES:
0:00 | Introduction to Wallstreet Trapper
0:37 | 3 Money Habits Keeping You Broke
4:03 | Business Isn’t The Only Way to Wealth
13:17 | Investing Made Easy for Everyone
21:54 | Paycheck to Paycheck Mentality
33:56 | Structure of a Poverty Mindset
44:23 | Value What Makes You Rich
1:03:01 | Build The Bricks for Wealth
1:14:36 | Don’t Focus on The Wealth Gap
1:20:51 | Doing This Changed Trap’s Game
QUOTES:
People are broke or lack the money they should be because they don’t know how to operate money. They don’t know how to spend money; they don’t know how to invest money; they don’t know how to save money; they don’t know how to lend money.” [0:54]
“You can’t work 24 hours a day, but your money can.” [1:46]
“The moment you don’t spend on things you don’t need, now double back to the more things you can invest in [3:50]
“Investing in the stock market isn’t an IQ game; it’s not about being the most brilliant person in the world, […] it’s about understanding basic economics.” [13:55]
“Everybody won’t be able to build a billion-dollar business, but everybody can invest in one.” [15:07]
“A dollar that’s not moving is a dollar that’s losing.” [19:03]
“People from lower-income, working-class environments, the worst thing that can come to their mind is losing money that I’ve busted my butt for. That makes the market scary, and that confusion keeps them out.” [21:40]
“When a family’s in survival mode, we can’t think about money.” [28:02]
“People don’t like the truth because of how it makes them feel, but if you tell the truth, they have no other option but to face it.” [48:53]
“You can store calories in another human being by feeding them when you have an abundance.” Tom Bilyeu [53:33]
“Building relationships with other successful people, or building relationships with people based on integrity, can help your Business get to another level because some rooms you can’t get in with money. Some rooms you can only get in based on who you know.” [56:17]
“You get what you celebrate.” Tom Bilyeu [1:02:44]
“I don’t want to focus on closing the wealth gap, […] my focus is how do we now contribute to every person’s family increasing their purchasing power.” [1:14:36]
“Be willing to get past the fear because the fear interrupts the legacy that you’re trying to build.” [1:23:40]
“If you can play the game on a high level, the return on investment is infinite.” [1:26:30]
Follow Wallstreet Trapper:
Website: https://www.wallstreettrapper.com/
Twitter: https://twitter.com/Wallstreet504
YouTube: https://www.youtube.com/channel/UCR6hXiWOlFWc46qMFMClKHA
Instagram: https://www.instagram.com/wall_street_trapper/
