I Asked Finance Creators How to Become INSANELY Wealthy #Finance

how do you invest your money what’s your favorite personal Finance book what’s the best investment you’ve ever made what’s your biggest

failure I’ve started a lot of YouTube channels and I would say half of them have failed so I probably have started 20 25 channels what’s your biggest piece of advice for someone that wants to become wealthy what do you hate spending money on water hey guys so in today’s

CashNews.co we are talking with personal Finance content creators to get their advice on investing saving money making money as well as any business advice they have

we’re talking about some of the biggest names in the personal Appliance World I think that we’re going to learn a lot from what they have to say behind me is the 2022 BMW M8 competition Grand Coupe this is one of the fastest order sedans in the world with 617 horsepower and a 0 to 60

time in just 2.7 seconds expect out in black with a really cool Brown orange interior and yeah I’ve just been the sucker for BMWs my entire life and thank you to Cleo for making this CashNews.co possible I’m so excited to talk to today’s guest let’s go so what’s your

name Age and what do you do my name is Humphrey Yang I’m 34 years old and I make YouTube content Tick Tock content and Instagram content about Finance I am Sebastian I’m in my 30s

and I have a YouTube channel called past sebi I’m Nate I’m 24 and I make some CashNews.cos online my name is Queenie my age is 26 and create a I create CashNews.cos about personal none;">Finance but also like money hacks my name is Seth Godwin I am 28 years old and I do Tick Tock full-time my name is Vincent I am 27 years old and I create content on YouTube and some other platforms what makes you so passionate about personal

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance didn’t grow up with a lot of money parents are immigrants so blue collar workers and they never made that much money so after college I went to

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance and I realized like Financial education is really bad in the US I’m trying to do as much as I can to close that wealth Gap by making

style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance more fun more more easy to understand and more entertaining I’m passionate about personal none;">Finance because I almost went bankrupt about five years ago and that scared the hell out of me because I didn’t know what the heck was going on I didn’t know why all of this was happening didn’t realize that if you defaulted on some Credit

cards that it was like one of the worst things you could do I decided that I wanted to educate people on stuff that I wish that I would have known at 18 so that people didn’t fall into the same traps that I did or if they had fallen into the same traps how to get out of it I grew up in a

single parent family my dad was like a single like stay at home dad he didn’t work and he had passive Income and that was kind of interesting and I guess like that’s what made me interested in it I just wanted to share like the things that I’ve learned along the

years because I know that maybe in some families in some households like people don’t really talk about money you know yeah how do you invest your money I think the biggest way that I’m investing my money is probably in my business which is content creation I would say every paycheck

that I get I put a small percentage of it into the S P 500 which is just an index fund I also take some of that money and invest it in alternative things like Cryptocurrency and Real

Estate I’m trying to invest more into my own business so trying to reinvest and trying to like make my business grow bigger so that I can take a bigger Profit from it later and then lastly I just also sit in a bunch of cash right now because I’m trying to save

up for possibly a home or a bigger Real Estate purchase I definitely diversify a bit but most of it uh it’s a lot of trading on I thought what type of things you trade like Bonds uh Commodities what’s the financial secret that changed your life I would

say understanding leverage so either leveraging Capital through you know people do this with like Real Estate for example leverage through other people which Karl Marx would not be a fan of but like hiring employees and then but just understanding leverage was a

really big uh factor that was a game changer a lot of the most successful people that you’ll meet in life they are always taking on asymmetric risk they’re okay taking like 2 straight L’s in a row so that 21st time might produce you know a 1 to 100 right and that makes up for

their all their losses asymmetric risk asymmetric upside taking a lot of shots but knowing that one will probably return much more than the sum of all your losses uh the 30 percent rule on Credit like the the 30 utilization is really not a great guideline you really want to keep it

below 10 your utilization below 10 that changed everything when it came to my score and getting approved for things you can tell people what that means yeah so if you have like a thousand dollar Credit limit generally people say you can use up to 30 percent of that which would be

three hundred dollars but if you want to maximize your Credit and get the best out of out of what Credit offers you keep that reporting balance below 10 that a lot of rich people are cheaper than you think I think a lot of people assume like if you’re rich

that you like just blow your money and there are people who do that right like lottery winners are pretty much the prime example of that where I think statistically most of them who win the lottery end up losing all of their money within two years rich people are pretty Savvy of their money

especially if they came up with less money or no money so today’s sponsor is a company I know you’ll love because it will save you a lot of money yes Finance creators they keep it

real with you but you know who keeps it even more real Cleo Cleo is an AI driven app that helps you track your spending save money and achieve your financial goals all great stuff but it’s actually fun to use imagine a text-based platform that will call you out on your BS spending overpaying

on Insurance spending way too much on clothes well Cleo will roast you when you enter roast mode I encourage you guys to try it out Cleo just wants the best for you and she’ll even hype you up when you’re on track she even will answer questions like how much can I

afford on blank or how much did I make in the last X months think of Clio as your free financial assistance that responds instantly plus it’s super safe I cannot stress how helpful a tool like this can be when trying to get your

style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finances right people love it the testimonials are awesome and yeah I think the service is a no-brainer for anyone with a brain for example at Cleo open right now and I’m gonna type in roast me oh that’s very

true I’ve spent so much money in the last month building out this office wow cool has an attitude I love it signing up takes just two minutes and you guys can use the link in the description to get started again the link to clear will be down below and I really encourage you to check it out

and now back to the CashNews.co what type of business should people start if they want to make money one thing that I think still is like a growing space is content creators especially the first business I would say anything like Consulting because you have really low overhead so service businesses

low overhead uh don’t try to start like an e-commerce business where you have like tons of products and you’re not drop shipping them because you have a lot of costs up front and it might not work out so go with service business whatever they’re actually passionate about like

people can smell BS from a mile away so if you’re selling something like if if I were to start selling nail polish it’s a great business model but I don’t give a crap about it people are going to be able to see this is just a money grab are there any free things that people should

do to increase their chances of becoming wealthy dude YouTube is probably the best resource out there to learn anything I think putting yourself in a position to get lucky so there’s a lot of people who have a very self-defeatist mindset and like I get it because it’s tough but a lot of

people will be like I did not grow up in the right family therefore I have no chance therefore it’s not worth trying and in reality like if you talk to a lot of content creators that we know a lot of them actually struggled their way out of like pretty bad positions like whether it’s

addiction whether it’s poverty if they grinded and they worked hard finding a mentor asking questions being curious is like the ultimate hack in life because as long as you’re curious you can look stuff up online there’s free resources at the library you can read read and learn

anything on YouTube as long as you stay curious about a subject and you dive deep into it ask the right people make some connections you can be successful go to the public library nobody goes to a library anymore I mean I go all the time and I just read books like I read a book a week so yeah three

things I would say watch Charlie’s YouTube CashNews.cos and get a better understanding of personal Finance all the information is online you just gotta Google it

what’s the best investment you’ve ever made in myself taking the plunge quitting my job and going all in on YouTube actually buying YouTube courses funny enough like I learn a lot through YouTube courses and creating better YouTube CashNews.cos out of the courses that I’ve made

yeah probably books I’ve read so many personal Finance books when you’re younger you should be spending it on things that you can enjoy while you’re young

because maybe one day you won’t be able to do those things maybe one day you won’t be able to go skydiving scuba diving with sharks and things like that what’s your biggest failure I try to save my mistakes not as failures but as like lessons and learning it is a bit cheesy but

the fact that you’re even doing those things means that you’re pushing your boundaries so is it really a mistake uh I don’t know I think it is yeah I’ve started a lot of YouTube channels and I would say half of them have failed so I probably have started 20 25 channels I

think those don’t work um I read the market wrong I thought there was a bigger need for it or a bigger demand than there actually was not starting soon enough I’m usually the type of person that thinks a lot before they do something and I would I would say in my experience anytime you

can act fast and learn from those failures that’s usually better than just waiting around for six months and then doing it what’s a traditional personal Finance

rule that you always break I don’t have a 401k I personally never did it because I viewed it as taught tying up my Liquidity so if I was working at a job I was making 100K but you know let’s say every paycheck 800 was going to my 401k that’s 800 that I don’t

have to immediately deploy today and I knew that I was a little bit more entrepreneurial hopefully in 50 years I make way more than what my ending 401K balance will be stop buying coffee or whatever at Starbucks it’s like the 80 20 Rule and then like 20 of the things you buy are driving like

80 of the expenses and that coffee is not part of that 20 if like a three dollars cup of coffee gives you like increases your happiness by like X percent then do you value your increase in happiness with three dollars um so you have to also value that and see how that plays in with the cost what do

you hate spending money on clothes I’m 100 fine spending money on experiences because I know I’m never gonna forget that but outfits and stuff like that I don’t like how it makes me feel like there’s wear and tear and then I’ll get like a stain on it and it’ll

ruin the entire outfit Taxes I don’t like spending money on things that are not efficient so actually yeah tax is like when I’m you know pulling millions of dollars into something that doesn’t actually really get used effectively and that’s why I love giving

you Charities I don’t like giving to Charities that like 90 of my money just goes back into marketing for that charity I like to give it to specific like sources that I know they’re getting 100 of the protein I hate spending money on food just because I buy so much of it okay water I

hate the idea of paying for water yeah what do you love spending money on food and experiences I think when I was younger I just didn’t I was like food’s food like why do you care especially when you travel a lot more I’ve grown to appreciate trying different things in like

different Cuisines definitely experiences experiences especially while you’re young they’re honestly the best use of your money and yeah I honestly I’m so grateful that I did it personally love spending money on my friends so like my biggest expense almost every month I track it

is is treating people to like lunch or dinner or coffee and stuff like that or buying gifts for people and next biggest is eating out okay I love spending money on travel and some people say it’s stupid but I spend probably too much money on travel but it’s fun it’s an experience

and I think experiences are always something that’s worthwhile and spend money on tell me a financial Flex that you’re proud of I took my dad to Hawaii when he retired as a gift and I’m buying myself extra car soon so I like take care of my family I have no car payment I have no

mortgage I don’t pay rent because I live at home so basically my overhead is very low it’s basically just health Insurance which is about 500 bucks a month which is already expensive but I don’t have anything else besides the small bills you know small Bill

don’t don’t have anything big so my recurring expenses every month less than a thousand dollars wow yes that’s amazing I love that wow I’m able to do a lot of trips where when I meet the people there they’re shocked by how little I paid so like I’ll go to the

Maldives and people are like oh yeah this is our honeymoon uh we spent thirty thousand dollars and say oh yeah this is our honeymoon too we spent like fifty thousand dollars and I’m like oh this is a trip I take like every other year and I spent like five thousand dollars wow having the

ability to buy basically anything I want to in cash but leveraging Credit it’s a better maximize my cash what’s your favorite personal Finance

book money Mammoth by Dr Brad klontz I learned that most of what we know about money is basically baked into our DNA from years upon years of financial either uh growth or trauma from our family that we don’t even really realize until we sit down and actually talk to our family about it the

four hour work week by Tim Ferriss it was such a game changer for me I read that when I was like 12 years old and it just totally changed the way that I viewed the world because it made me realize that you can live life without having to be stressed with the job and with work and there’s ways

to sort of hack it it’s either Rich Dad Poor Dad or Ray dalio’s principles I know Ray Dahlia’s principles is not exactly a personal Finance book but I

learned a lot from it yeah what’s the most frugal thing you’ve ever done I would say on a daily basis I use the McDonald’s app to get the McDonald’s iced coffee for a dollar and eight cents with tax rather than just going to Phils or paying for like a five dollar coffee at

Starbucks it’s a dollar so I feel like I could find a Dollar on the ground round you know what I mean it almost feels free like it feels like a great purchase I’m like okay great that’s so I use the McDonald’s app too all the time McDonald’s app one of the things that

I used to do was I used to like kind of like go around on the street and if I saw something that somebody had just like put in front of their home for free like a mattress or an exercise bike I would like pick it up and then like resell it on like um on a platform like I guess like you have

Craigslist here in Australia it’s called Gumtree I’m so happy that I did that because I think it makes you a lot more resourceful and you you look for opportunities maybe where other people don’t see them I had a black backpack and black jeans and they were faded instead of buying

new ones I bought black dye and I just re-dyed my bag and my pants wow I probably spent like an hour or two hours trying to figure out how to like make the dye how to make it perfect um yeah that’s most people think of wow what’s your biggest piece of advice for someone that wants have

become wealthy at a younger age try everything and appreciate failure I started a lot of businesses before anything took off and all these businesses failed I started a bunch of other like Instagram pages and YouTube channels before like ASMR or mukbang or Tech channels and none of them I actually

took off but from each one I learned something that I implemented in my next project eventually I accumulated enough skills to really go 100 on this Finance Channel find what you’re

passionate about and then how to leverage it oftentimes it’s not going to be working for someone else it is going to be either starting your own company content creation starting on small business if you’re not into the business side of that if you’re more into the artistic side

of it can you like find these like super like millionaire clients who would pay for like the like expensive Hedges that are like shaped like swats and stuff so like there’s ways to make it work stop turning into what everyone else is doing so if it’s like investing try to be a bit of a

contrarian so everyone’s pulling their money out of the Stock Market because they’re scared that means that you probably shouldn’t pull your money out of the Stock Market because if you do what everyone else does you’re never going to beat

the Markets ever so try to always be contrarian and look where nobody else is looking seek knowledge and then go for scale and leverage especially early on in life you just want to like learn

as much as you can and never stop learning always be curious as we talked about earlier develop skills that are going to make you more money there’s only so much that you can cut out of a budget before you start having to earn more Income so it kind of goes back to what I was

saying earlier find out what you’re passionate about and find a way to grow a skill that allows you to monetize that passion we all have lack a part of ourselves that that we love and we want to show the public but then we also have our shadow cells and that’s the kind of parts of

ourselves that maybe we’ve been taught that they’re bad and we shouldn’t have these parts of ourselves so if you want to be successful if you want to achieve well you kind of have to make peace with like both parts of yourself the things that you love about other people

that’s what you love about yourself the things that you don’t like about other people that’s what you don’t like about yourself or you’re too afraid to admit in yourself sometimes when you see something you don’t like if you see something that triggers you that

should be a prompt to start asking yourself why does it trigger you like what is it maybe there’s a part of yourself that you’ve pushed away for so long being honest with yourself learning about it knowing that there’s honestly nothing to be ashamed of because like like

nobody’s perfect we all have these good and bad parts of ourselves and yeah learn to live with it and then that’s how you can like move forward and be successful build your wealth just just learn about yourself so there you have it asking personal

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance creators how to become rich personally I learned so much talking to everyone today I feel like everyone had a loved really great insight and if you take what they say and

actually apply it you can become rich too again I encourage you guys to download Clio let her roast your Finances and yeah the link is going to be down below in the

description and also if you guys want to sign up for my free newsletter it’s called hustleville and we basically teach you how to become a better entrepreneur in three minutes or less per week if you guys enjoy the CashNews.co please make sure to hit that like button and also subscribe for

more content just like this I’m making ton of CashNews.cos about personal Finance investing and Entrepreneurship thank you so much for your time and I’ll see you

in the next CashNews.co peace