8 Mistakes to Avoid in Building Wealth

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How’s it going everybody this is beat the bush today i’m going to talk about eight mistakes you should avoid when you’re trying to build your wealth i personally have built a wealth of over 1.5 million dollars so today i’m gonna share some of these secrets with you guys before i begin and if you’re interested in amassing a little bit more wealth for yourself you

Can sign up for a weeble account deposit a hundred dollars and you can get two free shares of stock value between eight and sixteen hundred dollars so you’re guaranteed at least sixteen dollars of value just for signing up for this account check out my referral link down in the video description below the first thing may or may not be obvious but you do need a

Credit score anytime you need to get a car loan a house loan you need a good credit score yes there are ways to get a home loan without a good credit score but these are few and far in between and difficult to obtain what i think it’s a much easier way to go about this it’s just to get a good credit score it’s not that hard now actually about 37 percent of the

Us population has a credit card debt this is not very good news at all and i think a majority of people that gets credit cards will get themselves into trouble because for one reason or another they cannot pay it back so i think the best strategy for most people is just to get a plain simple credit card if you don’t have any credit cards at all get a secured

Card if you have a little bit of a credit score you can get a discover it credit card i’ll leave a referral link down in the video description below for that one and if you think credit cards will get you into debt simply just don’t use it get one and then put one single bill on it maybe is your cell phone bill your electricity bill or whatever and set it up

On auto pay and after you get it all smoothed out and everything is working cut up that credit card never bring it with you doing this has immense advantage because number one you’re not really using the credit card at all but at the same time you’re gonna build your credit every single month that you get billed and it gets auto paid you’re going to add to your

Credit history and your credit score will just naturally get higher and higher without you doing a single thing don’t forget to hit that like button it’s just right here it won’t cost you a thing just just just hit it just just click that right there the second mistake that can really derail accumulating your wealth is not acknowledging that advertising works

To make you spend more some people they say they have a really strong willpower they say they only buy it if they really want a certain thing but you really have to think about why do you want that certain thing in the first place was it because of advertising was it because advertising told your friends that they want that thing and then you talked over it

Over dinner and then suddenly now you want that particular thing this day and age especially with the iphone 12 pro coming out that is indeed very very enticing i personally have an iphone se after looking at that keynote i’m like wow brand new phone really high pixel new cameras and it’s not bright and shiny and everything it really really draws you in but i

Find that you really just have to acknowledge that advertising really does affect you and once you acknowledge this you can actively try to avoid advertisements you can actively avoid looking at magazines you can try to not go around looking at their keynotes don’t participate in amazon prime day i actually only purchased two things a front sun shade cover for

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My car and a 40 gift card only because they had the promotion where you get ten dollars cash back i probably don’t have to talk much about this but anything that has let’s say over four percent interest rate you probably want to get rid of asap home loans student loans they were probably in the realm of good debt right what do i mean by good debt is that the

Percentage rate is low enough that you can possibly instead of paying it all off you can invest in the stock market and get much better gains than four percent if you have something like personal loans at seven percent to twelve percent credit card loans at fifteen percent things of that magnitude you probably want to pay those off asap the fourth thing kind of

Relates to myself because i have an issue with pinching pennies if you’ve seen my previous videos some videos i pinch the penny pretty hard so hard that it just kind of flattens out and it turns into a sheet like a copper foil or something and well i have to acknowledge that this is probably taking it too far and i believe my pinching penny weighs makes a lot

Of people cringe and personally i have a problem fighting this it probably stems from me having not the most well-off type of childhood because i always have to save money for myself if i want something i have to go and save and buy it for myself i was never given a large sum of money where i don’t have to worry about money because all my life in my childhood in

My high school days i had to worry about money i have to save for myself and fend for myself so every single penny that i can pinch i tend to try to do it if i can earn five dollars in 15 minutes i might do it but in the end you really have to think about if you use this time instead to do something better and do something in your regular job do something more

Productive maybe it can earn you 50 an hour it’s really really hard to save 50 an hour when you’re penny pinching when you are uh doing couponing stuff when you’re doing those cash app things that i talk about swag bucks all these have a limit to it i pushed it really really hard and you’re probably gonna strain yourself just to get 50 per hour through all

These things that i mentioned not to mention that every single time you go around doing couponing you are spending your time you are spending gas money you’re spending depreciation of your car so you know you probably spent five dollars in car depreciation and gas or electricity or whatnot in obtaining this 50 so this is going to reduce your earnings even more

It’s sort of like a leap of faith over here you have to let go of all those small money once you let go of that small money then you can concentrate on the big money maybe you’re going to earn a hundred dollars an hour instead of this penny pinching 15 an hour my personal difficulty with this is when i see that money there it’s really really easy to get it’s like

Low hanging fruit but you really do have to resist the urge and i personally think i need to make more progress on this so this is not just me saying haha i’m at the highest pedestal i’m gonna tell everybody how you can get wealthy i am learning this on my own because i certainly think that if i did not penny pinch maybe my net worth would be higher than right

Now maybe it’d be like 50 percent higher 100 percent higher going forward if i don’t make any more videos about these penny pinching ways most of you guys will be much happier the fifth thing is about health health care costs a lot of money if you fall into having some sort of health issue you’re going to dramatically reduce your wealth it costs a lot of money

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If you’re going to buy diabetes medicine whatever kind of medicine you have to go in pay a lot of copay or whatever surgery costs and things so it helps to eat healthy eat organic foods don’t eat fast foods and i know i made videos about fast foods and i’m personally also trying to get off of this maybe at most eat it once or twice a year definitely the best is

To avoid fast food at all costs don’t ever eat it again and you’re probably gonna reduce your health care costs dramatically going forward and also not drink any sodas i highly highly believe that if you just cut that out you’re gonna get rid of so many problems the sixth thing is a bit controversial there is a 50 divorce rate in the united states right now so

Every single time something like this happens you have one out of two chances of this happening to you if you are male or female you know maybe you’re a female with a lot of money and then when you divorce well you’re gonna get all that money split up into two there are those prenuptial agreements which can keep whatever assets you have before joining and tying

The knot to yourself so whatever wealth that you have built up already you don’t have to cut this in half and split it off with whoever you decide to marry there are three things i think can dramatically reduce your divorce rate number one if you are in a religion maybe if you’re christian or something i think this will greatly reduce the chances of a divorce

The second thing is if you come from a similar financial background if you both have college degrees if you earn in a similar amount well when you divorce it’s not going to be where one person earns nothing and one person is really well off and it gets split into two the third thing that can dramatically reduce the divorce rate is if you get married sometime

After 30 years old if you get married really early they’re right in high school the divorce rate is particularly high i think this is probably if you are a little bit older you’re a bit more mature you’re a little bit more careful about who you choose to be your wife the seventh thing is to not get screwed by your employer because your employer is a huge source

Of income and if your employer screws you on your paycheck if let’s say it’s a startup and they don’t have enough money to pay you then they start offering you stock options it really depends on the startup if it’s a google yeah maybe you want to take all the stock options there are but if it’s just some no name brand small startup then you probably don’t want

Their stock options you’re just getting paid stock options with a value of zero so you’re just working for free if you’re in that kind of dilemma you really have to sort of value the company a little bit yourself like if you’re gonna be an investor in the company if it looks like their prospect are going to be really good that they’re going to make it they’re

Going to make a profit eventually then you know you might want to take the stock options but 9 out of 10 startups they don’t make it so in my case every single time they offer me stock options i think this happened once or twice or something and i always refuse i’m like nope this is not something i’m gonna take i rather take real hard cash rather than let’s say

A 25 reduction of my salary and then they pay me a really good buy-in price for the stock options you know the stock options are basically worthless to me for that particular company so then i’m like no i don’t want to take that i am only gonna take cash instead there’s another instance with a company that i worked for before that they were not able to pay me and

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A lot of startups have these kind of issues if they have cash flow issues it means they can’t pay you which at that point there’s time for negotiation right you can either just jump ship move to a new company or it’s possible that you can drag it out for another month or two by taking the products that’s at work for example if you’re an electrical engineer there’s

A lot of expensive equipment there’s oscilloscopes there are aeron chairs there are desks and stuff just say okay i’m gonna work for you for another month pay me in these products and you can just go and value how much they’re worth on ebay and at the end of that month all those things belongs to you and if you happen to terminate employment with them you just

Take all those things with you and all you have to do is just sell them and then you can get what they’re supposed to pay you the last and final thing is under investing in yourself some people maybe they might be working at a menial job and they just go how can i get wealthy what can i do the thing is if you’re trying to build wealth it’s all about cash flow

You need a massive amount of income coming in and there’s always going to be some sort of expenditure and you need to minimize this so what’s a simple formula maximize income reduce expenses and make sure your cash flow is positive so your net worth always keeps on increasing rather than decreasing personally i got a college degree and it took me four years to

Get my bachelor’s another one and a half or so to get my master’s so this is a significant chunk of time you know everybody gets to put in their time in order to obtain those skills even for making this youtube channel i have to invest a lot of time because i’m interested in video editing so then i obtain the skills on how to video edit how to do photoshop for

The thumbnails how to speak to the camera this is a developed skill so there are all these tiny little skills that you can work on on yourself maybe you want to pay money for tuition pay a class so that you would learn those skills every single skill that you develop it’s going to add value to yourself and it’s going to increase your potential income once you

Have all these skills you of course need to pick which one are you going to spend the most time in eventually i decided engineering is not earning me enough i believe youtube is probably a better way a better use of my time per hour over the past week or so how much time have you invested in learning something new or have you been using all this time vegging

Around maybe sitting in front of a tv as a couch potato watching all the korean dramas watching all the movies that there exists on netflix maybe you are playing video games and just you know just kind of not doing anything not learning anything thanks for watching this video i hope this helps you guys out especially when you’re just starting out building your

Network from xero again if you guys are interested in just adding another 16 to your net worth check out my weeble referral link down in the video description below don’t forget to give me a like on this video let me know if these wealth tips helps you out and as always don’t forget to push that subscribe button and ring that bell icon thanks for watching you

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8 Mistakes to Avoid in Building Wealth By BeatTheBush

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